CBRE Group, formerly known as CB Richard Ellis, Inc.
703 Waterford Way, Miami, FL
Size: 8,733 SF
The Need: Sublease or early lease termination
The Result: Sublease for the remaining 7.5 years of the lease.
In the fourth quarter of 2008, CBRE consolidated offices in Miami, so they vacated an 8,733 SF office in the Miami Airport submarket. The lease had 8 years remaining with no termination options.
At that time, Elizabeth was a broker with CBRE. She provided a market analysis that enabled the corporate real estate department to accurately determine the potential sublease income. Together they determined the remaining lease liability as well as leasing guidelines. Within 6 months she identified three viable subtenants and was able to create a competitive environment for the space during a rapidly falling market. In 2009 as the market plunged towards the bottom, Elizabeth successfully negotiated a sublease for the full remaining term with a creditworthy tenant that exceeded budgeted income.
First, Elizabeth was able to identify three viable subtenants in a difficult market environment. Second, CBRE was able to secure a subtenant for longer than typical sublease terms (7.5 years versus the typical 5 year term). Finally, the sublease income exceeded CBRE’s financial expectations.