SUCCESS STORY
eliminated excess office space and implemented new workplace design strategy
resulting in maximized
retention, recruitment, and profitability
CHALLENGE
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Too much space in Atlanta (240,000sf)
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Current location was the wrong submarket for retention and recruitment.
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4 years left on term
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Unexpected COVID implications in the midst of the transaction
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Substantial sudden increase in construction cost.
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ACTION
Gregg and team evaluated the following: , business objectives, employee head
count and growth projections (scalability required), space utilization, workspace
requirements and layout preferences, employee commute patterns and preferences, and desired location attributes (e.g., accessibility, proximity to clients/partners, in building and nearby amenities).
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Surveyed and delivered a market analysis.
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Secured ‘a test pilot’ for a Spoke (suburban location) -
At North Park Center in Central Perimeter at 25,000sf
(one year prior to Promenade Tower, Midtown Atlanta)
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Sublet a portion of existing excess office space Downtown
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Identified Potential BTS- for new office space
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Safely exited client from a bad deal (when sudden and unforeseen COVID implications skyrocketed costs of potential BTS)
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Reassessed market for new ideal opportunities for Deloitte
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Identified best opportunity to meet needs as well as time-line in core midtown Atlanta
OUTCOME
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A full floor lease within the “spoke” sub market (Central Perimeter) for just 5
years providing Deloitte the opportunity to test the spoke concept. , Typically a 5
year term for a full floor is considered an anomaly in this market.”
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Secured 92,000sf at Promenade Tower Midtown for Deloitte’s hub location which provides flexibility to expand or contract as needed.
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Secured an additional 23,000sf expansion at Promenade Tower 7 months later. … Gregg was again to able to secure attractive terms for Deloitte. This expansion was under the same financial terms as the original deal, remarkably advantageous terms in this market that was rapidly tightening.
TESTIMONIAL
"At 240,000sf, we had too much office space in Atlanta and we were in the wrong submarket. Our current office space did not support our plans for retention, recruitment, nor business growth.
Representing us in our relocation, Gregg Metcalf played an intricate role market evaluations and lease negotiations.
Working with Gregg , it was quickly evident that his decades of experience in the landlord side and in development bring with him an uncanny ability. He is able to structure terms that bring all parties to agreement easily.
With Gregg’s help, in 2 separate transactions, we secured terms that were remarkably advantageous in a market that was rapidly tightening."
Greg Borak
Senior Manager, Real Estate
Strategy and Transactions Lead, US
2021 to Present, Deloitte
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