Office Tenant Representation Case Study - Allstate Insurance Company
THE ISSUE
Allstate Insurance Company had four insurance
offices in the New Orleans area. In a joint effort with CB Richard Ellis, who
was handling this issue nationwide, we teamed up to try and find a solution for
the New Orleans market.
THE ASSIGNMENT
Find a new space to consolidate all four
offices into approximately 50,000 square feet and sublease or negotiate lease
termination agreements on their existing locations. The only complication was
to retain a small drive-up claims office at each existing location.
THE SOLUTION
After a search of the entire New Orleans market
it was determined that a location in Metairie was the best area to consolidate
into. We narrowed the search to two class A buildings and ended up
consummating a lease in Equity Offices Lakeway Center for 46,866 square feet.
Of these four locations, the one on the Westbank was easy, as that lease expired
in a few months. The location in the Covington area was 12,000 square feet with
five years remaining on the term. We subleased 10,483 sq. ft. to Gulf South
Pipeline and Allstate retained 1,500 square feet for its drive-up claims in the same
facility.
In Metairie, we successfully negotiated a lease buyout on Allstate’s 17,831
square foot space as we allowed the building to do a direct out with Hibernia
Insurance. We also relocated their drive up claims within the complex.
Finally, we handled the subleasing of Allstate’s Baton Rouge office, retaining the
existing drive up claims office and subleasing a portion to Banker’s Life.
Overall, Allstate consolidated approximately 65,000 square feet of claims office into
46,000 square feet and successfully liquidated most all of their old locations at
a minimal cost while still retaining their drive-up claims facilities. For SRSA
and Allstate this was a true success story.
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