Balfour Beatty – Seattle

Renewal of major Balfour Beatty Office
Local team was averse to moving due to its signature location

Downsizing by 2,000 SF to meet actual headcount not possible due to being a single floor tenant
Building needed common area upgrades
Moving would send the wrong message to clients and competitors
Existing owners would be disappointed if BB relocated to somewhere other than their building

Toured the market quietly so that Landlord knew we were touring, but not BB’s client base of owners
Positioned smaller size and a weak Seattle market against the Landlord
Negotiated allowance for necessary building upgrades, separate from a healthy allowance to improve BB’s space

When the new lease expires, Balfour Beatty will be paying less rent than in the last year of the previous term
Reduced cost from $1.09million pa to $757k
No clients were upset with the renewal transaction, or suffered from false hopes
No disruption of the business, and more employees back in the office