American Civil Liberties Union Foundation, Inc.
The Atrium, 4500 Biscayne Blvd. Miami, FL
Size: 8,733 SF
The Need: Renewal/Rent Reduction
The Result: Immediate rent savings through an early lease renewal.
Contact: Howard Simon, Executive Director: (786) 363-2706
In 2010, the American Civil Liberties Union Foundation (ACLU) Florida chapter had too much space and a lease that was too expensive given the then current economic climate. They still had two years of remaining lease term. The ACLU was about to begin a new fiscal year and needed an immediate savings to avoid potential employee lay-offs.
The Biscayne corridor office market, at that time, was experiencing the highest vacancy in Miami-Dade County, so Elizabeth was able to leverage existing market conditions to procure the most favorable terms for the client.Within sixty days of engagement, Elizabeth was able to negotiate an early lease renewal that immediately reduced the ACLU’s rent.
She also helped them to identify areas within their office space that could provide additional income through subleases to other non-profits. She incorporated landlord consent to those subleases in the renewal amendment.
First, Elizabeth was able to substantially lower the ACLU’s rental rate even though they had two years remaining on their lease. Second, she kept the landlord on a tight timeline in order to insure that the transaction was completed prior to the ACLU’s next fiscal year. Finally, the ACLU was able to avoid employee lay-offs due to the cost-savings Elizabeth achieved.