Allstate Insurance Company
8501 SW 124th Avenue, Miami, FL
Size: 20,138 SF
The Need: Sublease or early lease termination
The Result: Early lease termination and replacement tenant for landlord.
Allstate consolidated offices in the South Florida area, so they vacated a 20,000 SF office in the Kendall submarket. The lease had 7 years remaining with a termination option within 2 years of the commencement of this assignment.
At the onset of her marketing process, Elizabeth contacted the largest neighbor, Nova Southeastern University. She persuaded Nova to tourthe office. Nova then created a business strategy that would incorporate this space into its long-term renewal negotiations with the landlord. Elizabeth effectively negotiated with Nova and the landlord to create a three-party agreement that terminated Allstate’s lease 24 months early.
First, Elizabeth achieved an aggressive termination fee in a soft rental market. Second, the landlord was able to secure a long-term income stream with its largest tenant. Finally, Nova was able to quickly secure the largest contiguous Class A space in the Kendall submarket.
Elizabeth’s creative solution provided Allstate with significant savings in two ways. First, Allstate was able to terminate the lease two years before its termination option allowed thus eliminating that liability on its books. Secondly, by providing the landlord with an immediate replacement tenant, she negotiated a reduced termination fee for her client.