Case Study

​We were familiar with the executive partners at Lommen Abdo [as several of our clients use their business and real estate attorneys for legal work].  We knew that their office lease was expiring in 12 months, and that they had been [unsuccessfully] trying to negotiate a long-term lease renewal with their Landlord.  We encouraged the Partners to hire us in order to amplify the discussions with the IDS landlord and others. After speaking with our mutual clients and confirming our history of success on behalf of our Tenant-clients, Corporate Tenant Advisors was engaged to represent the Partners at Lommen Abdo with its office space solutions and negotiations. 

​The Process and Tactics:

The initial meeting with the decision-makers at Lommen Abdo revealed their desire to remain in Downtown Minneapolis.  We knew that we needed at least 9 months to identify available vacancies, tour competitive options, negotiate the lease terms, and construct its long-term solution for the office space.  CTA identified six acceptable downtown alternatives, and requested Proposals from all of them.  Simultaneously, we engaged the IDS Center Landlord in negotiations. We did this to discover the best possible renewal terms in the event Lommen Abdo decided to stay in the building.  After the "relocation properties" were further vetted, we short-listed two alternatives that met Lommen's goals.  Knowing that the Landlords will likely learn of each other, CTA proactively created a competitive lease environment and began negotiating diligently with all three Landlords; both downtown relocation alternatives (creating necessary leverage between them), and the IDS Center Landlord (creating the possibility of a lease renewal in the minds of all the Landlords). 

The Results: We successfully negotiated with the three Landlords, and in a very short period of time.  By keeping all three fully engaged, we were successful in achieving cost reductions in all three offers. One property really stood out...FORUM 920 at 920 Second Avenue South...we awarded the contract to them.  With six months remaining on the IDS Center lease term, we had plenty of time to finalize the lease language, complete architectural drawings, and construct the premises. We negotiated lease terms that discounted the Landlord’s original offer by 25%, and included free rent and other concessions.  Additionally, Lommen increased its square footage by 10% over IDS Center, yet saved 20% on its overall rent structure. This transaction was a huge success. 

​The Partners at Lommen Abdo call us “Rock Stars”…we like to call ourselves “The Tenant’s Edge”.