|
|
Headquartered on the east coast, our client is one of the country's oldest mutual automobile insurers. Since 2000, Blackacre Advisors has served as their real estate advisor throughout the United States. The relationship began when Blackacre Advisors was asked to assist with the renewal and restructuring of a branch office lease in a Chicago suburb. Our negotiations with the client's current landlord resulted in a below-market rent, turn-key construction of the renovations to the space, and favorable renegotiation of key lease provisions. The client was pleased with the results in Chicago and a second project in Cincinnati soon followed. This second project confirmed for our client the ability of Blackacre Advisors to negotiate aggressive terms and deliver thoroughly negotiated lease documents. We then were asked to work with the client in managing other transactions across the country.
Over time, our relationship with the client has expanded beyond transaction management and the client has come to value input from Blackacre Advisors on strategic issues. In 2002 for instance, the client's senior management examined each of the firm's cost centers from top-to-bottom and set a goal of significantly reducing occupancy costs. In response, Blackacre Advisors, in partnership with a national architectural firm, assisted the client in developing new workplace standards and in formulating a revised real estate strategy. In the course of implementing these standards and strategy over the past few years, we have achieved the client's stated goals of: (1) reducing occupancy costs below industry benchmarks, (2) creating an improved work space, and (3) reducing the demands made on the client's internal resources.
|
