Tenant Representation

tenant_rep

Our extensive knowledge of real estate leasing and market trends combined with our dedication to negotiate the most favorable lease terms, accounts for our long list of satisfied clients over the past five decades. Allen Morris has assisted thousands of clients in a variety of real estate cycles, creatively serving their needs even during the most challenging of times.

We have:

Extensive Knowledge of real estate leasing and trends

The Ability to negotiate favorable lease terms

Strategic advice that reduces cost and saves time

We do not function as most transaction-oriented brokers do.

First, we operate openly with our office sharing important information freely to benefit our clients, instead of hidden from one another in competitive cubicles of secrecy. Our focus goes well beyond the transaction itself including assistance through the interior construction and punch list to assure timely occupancy and a happy, satisfied customer and a healthy tenant/landlord relationship.

Our vast experience with ownership and leasing of commercial real estate office space ensures that our client’s short and long-term real estate objectives are more than satisfied.

Our formula:

Market Knowledge +

Street Smarts +

55+ Years Experience =

Great Value

Thad Adams, Senior Vice President at Allen Morris, is a top performers in the local market. He was honored in 2013 with the Greater Miami Chamber of Commerce South Florida Real Estate Achievers and Leaders (R.E.A.L.) Awards in the Commercial Office category.

“We were very satisfied with the professional manner in which The Allen Morris Company handled this transaction enabling us to control our destiny with our corporate headquarters which will now remain in Coral Gables,” 

– Leonard Fluxman, President and Chief Executive Officer of Steiner Leisure Limited

Tenant Representation Services

Our thorough approach involves:

Existing Location- Market Analysis

An important first step in determining occupancy options will be an in-depth assessment of the immediate and surrounding leasing markets. Your business will benefit greatly from up-to-date market data collected by our research team.

Space Utilization

A space utilization analysis can determine the optimum configuration required for each working area, ensuring the most efficient plan and lower occupancy costs. The financial impact of these planning exercises is fully assessed, including furniture and IT system costs for each space.

Space Options

The final input to enable financial analysis of the various options is a review of the current and anticipated market conditions. We will provide extensive market research to determine likely net rates, taxes, operating costs and potential tenant incentives for each option. Our research will include a customized “lease comparable report” identifying actual lease terms of recent transactions in your targeted submarket locations.

Financial Analysis

We will build the financial model using our customized programs to analyze all of your cost components for each shortlisted option.

Strategic & Implementation Recommendations

As a team, we will develop a well-supported business case and develop strategic solutions to meet your business objectives and long term space requirements.

Negotiation & Contract Development

Once the ideal space has been identified, we will use our 55-plus years of experience to negotiate the best possible lease terms with the landlord based on your real estate needs and objectives. Our experienced professionals will leverage their extensive knowledge of lease and market data to deal with the landlord and create the most favorable lease terms for our clients.

Implementation Plan

We will develop a customized implementation plan, setting out the actions and associated timing necessary to successfully achieve your objectives.

Teamwork

Communication is a major issue when a team effort is the key to success. To ensure quality, consistency and continuity throughout the process, strong lines of communication will guide all strategy, execution and assessment of the implementation plan.

Tenant Cost

All services provided by Allen Morris are typically part of the cooperating leasing commission and offered at no cost to your business.

Partial List of Clients

Banco Santander
Banco de Credito del Peru
CBS
Cisneros Group of Companies
Duane Morris
Egon Zehnder
Cherrie Bekaert
Fidelity
Ocean Bank
Steiner Leisure

Case Studies: Tenant Representation

1. Major Tenant Expansion

Tenant-Rep-CBTenant-Rep-CB-2ISSUE CHALLENGE

The client, Cherry Bekaert, one of the largest accounting firms in the U.S., hired more than 115 people in a fast track major expansion in South Florida. This required an immediate need for approximately 30,000 square feet of space. The situation was extremely time sensitive as the firm had to occupy the space before tax season began in January of that year.

 

CREATIVE SOLUTION

Allen Morris was able to identify multiple viable options and create a highly competitive environment among landlords in the market by issuing a custom designed “Request for Proposal (RFP).” The RFP contained highly advantageous terms for the tenant and was sent to motivated landlords who were interested in attracting a credit-worthy tenant like Cherry Bekaert.

RESULT

Ultimately, the aggressive negotiations on behalf of Cherry Bekaert resulted in Allen Morris achieving at that time the best lease economics for any transaction in the 60-plus year history of the accounting firm. Superior market intelligence concerning “Deal Rates and Terms” for recent comparable lease transactions was a major competitive advantage in achieving optimal terms on behalf of Cherry Bekaert.


Cherry Bekaert

“As one of the largest CPA firms in the Country, Cherry Bekaert demands the best in services rendered to our firm.  Thad Adams and Bill Bailey of Allen Morris fulfilled this company standard in identifying the best locations for several Cherry Bekaert offices and negotiating some of the most advantageous lease terms in the 60-plus year history of our firm.” 

– David Appel, Managing Partner, South Florida


2. Renewing at a Lower Rate (Singer Xenos Wealth Management)

PROBLEM

A very long standing tenant in a Class A suburban office building had renewed its lease in 2007 when office rental rates were high.   In 2012, the annual escalation in the rental rate created a large disparity between the tenant’s lease contract rate and the market rate for the same offices.  The tenant was frustrated and was looking for an immediate rent reduction.

CREATIVE SOLUTION

Even though the tenant’s lease did not expire for over 18 months, a thorough market analysis and property tour was conducted for buildings with future matching vacancies.   These buildings owners submitted proposals for commencement dates at the expiration date of the tenant’s lease.  Allen Morris made the current landlord aware of these offers, and we also took it upon ourselves to show the landlord its costs should the tenant vacant the space.

RESULT

The landlord became concerned that its tenant may leave its office building after such a long tenancy due to competing properties offering more attractive terms that were presented to the landlord by the Allen Morris team. An early renewal was executed giving the tenant a lower rental rate and several months of free rent.

3.  Future Expansion Requirements (Multi-National Pharmaceutical Company)

PROBLEM

Allen Morris represented a multi-national pharmaceutical company wanting to establish it Latin American regional headquarters in Miami.  Like many other international firms, the company desired to start with a small office for executives with the ability to expand into significantly larger offices due to the addition of staff after the start-up phase.

CREATIVE SOLUTION

The tenant representation team identified a large office building with ample opportunities for expansion.  The team made sure the lease contained multiple expansion options in favor of the tenant.

RESULT

The tenant subsequently expanded twice, doubling their size in under a year, yet continued to pay the same rate and terms even though the building’s quoted rate had increased significantly because of the original lease terms as negotiated by the team.

 

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