Porsche, Latin America
Southeast Financial Center, 200 South Biscayne Blvd. Miami, FL
Size: 5,881 SF
The Need: Renewal/Expansion
The Result: Substantial concessions and consolidation of offices onto a single floor.
When 2010, Porsche’s Latin America headquarters had a lease approaching expiration. Their current location had offices on different floors and the primary office was too small. One of the challenges of this assignment was the additional parking necessary to accommodate Porsche’s six “pooled” vehicles in addition to the employee parking. The office market of Downtown and Brickell, at that time, was experiencing high vacancy so Elizabeth was able to leverage existing market conditions to procure the most favorable terms for the client.
Over a nine month period, Elizabeth engaged the Downtown/Brickell submarket, identifying and touring the buildings that fit the company’s leasing objectives. Elizabeth created a competitive negotiating platform that resulted in a below market rental rate, a substantial tenant improvement allowance, free rent and the creative concession of allowing Porsche to display a car in the building lobby.
First, Elizabeth was able to substantially lower Porsche’s rental rate even though they relocated to a higher floor. Second, she negotiated a “turn-key” tenant improvement package that avoided any out-of-pocket costs for Porsche for a substantially upgraded office design. Additionally, the generous free rent package defrayed virtually all of Porsche’s relocation expenses. Finally, this office is the only Porsche office worldwide (outside of its headquarters) to have a car displayed within the lobby of the building.