As we discussed in our previous post, the process of facilitating a corporate move into new space is one that all of us at Interplan are involved with on a daily basis. It’s our job! But when it is our own move that we are planning, it feels very different. We knew that the next step in this process was to find potential space for our new corporate home. The inventory of available real estate, even in just the area we were focused on, was vast and overwhelming. We were glad to know that we had allies in the real estate brokers we have developed relationships with over the years. It was a relief to reach out to them and ask for their assistance.
We gave the brokers our general criteria:
· Location (for us Tysons Corner or close surrounding areas)
· A building with a positive or neutral architectural identity
· Lobby presence
· Parking
· Access to Public Transportation
· Amenities
· Affordable financials
Within a very short period of time, the brokers were back to us with numerous possibilities. They put together digital and hard copy presentations for us that included building images and comparison matrixes. These materials made it easy for the Interplan principals to give the potential locations an initial overview and discuss them with each other. We went from 15 building possibilities to 8 locations and then narrowed our options down to 6. Sites were ruled out due to a variety or combination of reasons.
Once we had determined our six contenders, it was time to see them in person, which brought up other factors for us to consider while we walked each space.
· First impressions – we wanted anyone coming to visit our offices to have the same experience.
· Approaches to the building - by vehicle or on foot.
· How easy is the building to identify and locate?
· How easy is it to park?
· How easy is it to find signage in the lobby and how is the “way finding” to the suite?
· How is the structure- building core elements, size of structural bays, exterior fenestration and building systems.
Once we had done our tours, we met again with the brokers to discuss our impressions and ideas. We talked with them about more of the financial specifics of each location. Again, they developed very helpful presentations for us that brought our own thoughts of each location into sharper focus. Comparative spreadsheets were populated with data regarding square footage available, lobby exposure, parking, access to public transportation, building amenities, and neighborhood amenities. This time, data was also included regarding financial issues such as: building ownership, building asset information (as available), proposed terms of lease, rental costs per square foot, Tenant Improvement Allowance (known as TIA) and any special offers that might be negotiated. It is at this point that the importance of working with a broker truly makes itself known. So much of this information we could have researched on our own but it is at their immediate access. The broker’s knowledge of the history of some property owners, the experiences they have heard of other occupants of the buildings we were looking at and their ability to suggest opportunities for negotiations regarding lease terms were invaluable.
By the end of this first phase of interactions with our real estate brokers, we were confident that the decisions we were going to soon make would be done so with the benefit of all of the knowledge they would share with us. We would be making a decision informed with not only current costs but also consideration of our investment in the lifetime of our lease.
Next step? On to doing “test fits” for ourselves in a variety of these possible locations!
