officetenant
CASE STUDY | OFFICE TENANT

 

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CASE STUDY - OFFICE TENANT REPRESENTATION CASE STUDY - ALLSTATE INSURANCE COMPANY

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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.