May Tenant Advisory
TENANT ADVISORS STRATEGIC LEASING & BUILD-TO-SUIT SPECIALISTS
WELCOME TO WHAT’S NEXT cushmanwakefield.com
MAXIMIZING RE DURING THE REAL ESTATE PROCESS
Big Deal Experience, Big Deal Expertise.
We are equipped with the market knowledge and experience to support businesses with their real estate needs.
We work on behalf of our clients to support them in the acquisition, disposition, relocation, co-working solutions, renewal and extension of their leases. Our expertise extends to headquarters and build-to-suit projects, as well as growth planning and occupancy cost reduction strategies. We create and implement effective real estate strategies that allow our clients to meet their business objectives. Our team has been the leading tenant representative in the Florida market for over two decades. Year in and year out, we complete some of the market’s largest and most complex real estate transactions. “They’ve never been simple, but through our approach, they’ve always been successful.”
CUSHMAN & WAKEFIELD REAL ESTATE ADVISORS
Market & Occupancy Analysis
Debt / Equity
Project & Development Services
Business Consulting / Incentives
NAVIGATING clients through the LEASE PROCESS SEAMLESS INTEGRATION
Site Selection & Assessment
Base Building Design / Specifications & Considerations
Interior Build Out Timing / Delivery
Lease Provision Negotiations (Tenant Favorable)
Space Design / Workplace Strategy
Landlord Funded Tenant Improvements & Construction Costs
Flexibility (Expansions, Contraction, Termination Rights)
Rent Abatement & Other Concessions
ASSESSING &MANAGING BUILD-TO-SUIT RISKS & CONSIDERATIONS
Transaction Structures: Lease vs. Own
Construction Risks / Insurance
Negotiating for “Hidden Costs”
Leveraging Credit: Creating “Downstream” Value / Equity
Property Appraisal & Sale Process
Developer Fee Assessment & Negotiations
Tax Credits & Considerations
Developer / Landlord Financing
Delivery Date & Completion Guarantees
“Guaranteed Maximum Price” and Open Book Process
Formula Lease / Off-balance sheet transactions
Landlord / Tenant Improvement Allowances
Impacts of Financial Markets
Close-out Services (Warranties, etc.)
Guidance in Selection of the Right Development Team
TOOLS WE PROVIDE
SAMPLE TIMELINE / MILESTONES
FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
2 MONTHS STRATEGIC PLANNING
MARKET EVALUATION ONGOING 6 -7 MONTHS 2
WINDOW TO BEGIN CONSTRUCTION NOV. 30 - JAN. 30
COMPARATIVE EVALUATION 2.5 MONTHS 3
INCENTIVES APPROXIMATELY 3 - 4 MONTHS 4
INTERNAL APPROVALS 3 MONTHS
NEGOTIATION 3 - 4 MONTHS 6
PRE-CONSTRUCTION / DESIGN 7 MONTHS NEGOTIATION / EXECUTION 7 1 MO.
CONSTRU 17 MON
SAMPLE FINANCIAL ANALYSES (OCCUPANCY COSTS, CONSTRUCTION BUDGETS, LANDLORD PERSPECTIVE)
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JULY 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Target Delivery Date
UCTION OF SHELL BUILDING & TENANT IMPROVEMENTS NTHS
OCCUPANCY 6 MONTHS
CHAPTERS H E A LT H S Y S T E M SM
Throughout the entire project, Cushman & Wakefield has consistently exhibited thehighest level of serviceandprofessionalism. Fromanalysing the initial proposals, selecting the architect, creating competition between the developers, and negotiating the fee and costs with the developer/builder, your experience proved to be invaluable to the success of our project.
- Steve W. Weidenmuller, VP of Human Resources Tropicana
Transactions. Lease & Build-To-Suit Leading Experts in
CASE STUDIES COMPLEX / LARGE LEASE DEALS
Syniverse Technologies Highwoods Preserve I, Tampa, FL 198,750 RSF Headquarters Lease Extension
Pfizer Heights Union, Tampa, FL 105,684 RSF New Regional Offices
Verizon / ID.me (Agency Leasing) 6550 W Hillsborough Ave 103,072 RSF New Regional Operations Center
MetLife Insurance Highwoods Preserve Buildings V & VII, Tampa, FL 176,025 RSF New Regional Operations Center
WeWork 501 East Kennedy, Tampa, FL 58,350 RSF Flagship Tampa Location / Naming Rights
Jacobs Engineering Group Lincoln Center 33,503 RSF Extension & Expansion
AACSB One Harbour Place, Tampa, FL 25,929 RSF Headquarters Relocation, Extension & Expansion
Insurance Administrative Solutions Bayside Center, Clearwater, FL 50,571 RSF Headquarters Relocation, Extension & Expansion
BUILD-TO-SUIT FUELLED BY IDEAS, EXPERTISE AND PASSION, WE DELIVER PROJECTS THAT INSPIRE.
Big Deal Experience, Big Deal Expertise.
Occupancy solutions for large office users and
headquarters locations often include the assessment of a build-to-suit opportunity.
Large build-to-suit transactions are never simple. They require comprehensive strategic planning and a highly-
skilled team that guide the real estate process, develop comparative analyses, lead negotiations, analyze and solicit financing alternatives, develop schedules, manage contractors, secure available incentives, and advise clients on labor and tax implications.
GARTNER SKYPLEX 13200 Paul J. Doherty Parkway, Fort Myers, FL
247,686 RSF total for Phase I and Phase II including two 3-story office buildings with a connecting lobby building, plus a 2-story amenities building
SQUARE FEET +/- 103,770 +/- 29,000 +/- 99,034 +/- 231,804
3 2 3
Gartner has maintained a long-term presence in Southwest Florida as a result of their strategic partnership with Cushman & Wakefield and a strong relationship with the local economic development organization. As Florida’s technology industry has expanded, Gartner’s presence has grown steadily, with multiple expansions over the last 20 years. As one of Lee County’s largest employers, Gartner was ready to expand their existing Ft. Myers campus, Gartner Campus North, which contains approximately 300,000 SF. A comprehensive study of expansion opportunities, including existing buildings and sites surrounding market as well as Gartner Campus North resulted in a decision to extend Gartner’s footprint across Daniels Parkway to create Gartner South Campus. • Cushman & Wakefield negotiated a favorable land lease with Port Authority, obtaining approximately 19 acres of land at Daniels Parkway for Gartner’s expansion. This property is party of the Southwest Florida International Airport Skyplex Development, a 1,150 acre mixed-use development. • Cushman & Wakefield collaborated with the Port Authority, Army Corp of Engineers and other parties to address wetland mitigation and ensure the project could be feasibly delivered on time. • Cushman & Wakefield organized a developer selection process, resulting in securing TPA Group as the project’s developer. C&W negotiated flexible, competitive lease terms for Gartner. • Cushman & Wakefield negotiated an option for Gartner to have the rights to the adjacent land to create a future strategic growth plan for Gartner.
VERIZON 899 Heathrow Park Lane | Lake Mary, FL 220,000 SF
Cushman & Wakefield was engaged by Verizon Communications, Inc. to identify existing and build-to-suit opportunities in the Greater Orlando market that could house approximately 1,200 employees being relocated on an accelerated basis. Cushman & Wakefield initiated a competitive real estate search bidding process, keeping the identity of Verizon confidential until its employees were informed about the relocation. Cushman & Wakefield ensured that the deal structure aligned with Verizon’s financial and operational objectives. SERVICES RESULTS • Cushman & Wakefield surveyed the entire market, identifying existing buildings and land parcels that were either entitled or owned by a viable developer, or both • Site Selection • Development Agreement
• Once a build-to-suit solution was selected as the preferred alternative, Cushman & Wakefield solicited requests for proposals to developers for the 200,000 - 250,000 sf build-to-suit; Verizon confidentiality was maintained • Cushman & Wakefield interviewed the developers and contractors and evaluated with Verizon potential structured solutions, including a synthetic lease, credit tenant lease and mortgage financing • Cushman & Wakefield successfully secured the preferred site, eliminating key risk components • Adhering to an accelerated process (initial RFP to award of contract to TPA/Skanska in under three months), Cushman & Wakefield leveraged Verizon’s credit to structure a transaction that met Verizon’s key objectives • Through negotiations of fees and financing, Cushman & Wakefield secured savings over $2.2 million and delivered the building on-time and under budget.
• Lease Negotiations • Construction Budget Review • Financial Analysis
GARTNER, INC. 12769 Gateway Boulevard | Fort Myers, FL 132,000 SF
Gartner required an occupancy solution to accommodate their projected employee growth in Ft. Myers, Florida. With no ability to expand in their existing building, Gartner engaged Cushman & Wakefield to explore potential solutions to meet their expansion needs. Through a strategic process, Cushman & Wakefield created a competitive environment in the market, leveraging Gartner’s presence in Ft. Myers while mitigating any potential risk. Cushman & Wakefield achieved measurable savings for Gartner while securing a build-to-suit lease for a new Class A building with a target completion date of 3rd quarter 2015. SERVICES RESULTS • McGarvey Development Company, Gartner’s incumbent landlord, was awarded the project based on their competitive project budget and ability to achieve Gartner’s compressed timeline. • Cushman & Wakefield negotiated an “open book” 15-year formula lease and development agreement with competitive economics and flexible lease terms.
• Site Selection • Development Agreement • Construction Budget Review • Financial Analysis
• The final result included a 132,000 SF building with 4.8 per 1,000 SF surface parking, adjacent to Gartner’s existing building. Cushman & Wakefield negotiated a significant tenant improvement contribution to the build out, including a covered walkway between the buildings to create a campus environment. • Cushman & Wakefield negotiated over $3.4 million in rent savings and $1.1 million in total developer costs and fees. • The building accommodated Gartner’s projected employee growth and create a connected campus environment
TROPICANA World Headquarters 1001 13th Avenue | Bradenton, FL 149,000 SF Tropicana had experienced significant growth and needed to expand the corporate headquarters; the company owned property adjacent to the existing headquarters. SERVICES • Location Advisory • Market Analysis RESULTS • Negotiated a contract between Tropicana and Opus South Corporation to develop a new headquarters building on their existing campus, which involved the relocation and construction of three parking lots as well as renovation of the former headquarters building. • Negotiated competitive design/build purchase agreement for a new Class A, 149,000 square foot office building in Bradenton, saving Tropicana over $1.5 million over original pricing, delivering ahead of schedule and under budget. • Tropicana consolidated its operations and Cushman & Wakefield sold the project on behalf of PepsiCo. • Site Selection • Build-to-Suit Advisory • Financial Analysis • Negotiations
CATALINA MARKETING CORPORATION Headquarters & Operations Center 200 Carillon Parkway | St. Petersburg, FL 143,000 SF A study of anticipated growth suggested that Catalina’s existing location would not sufficiently meet future expansion requirements. SERVICES • Market Analysis • Site Selection • Build-to-Suit Advisory • Financial Analysis • Negotiations RESULTS • Negotiated a lease buy-out of Catalina’s obligation at the former headquarters location. • Cushman & Wakefield led negotiations for a competitive “open book” design/build agreement for a new Class A, 143,000 sf office building, completed on time and under budget. • The creative deal structure at Carillon resulted in a “turn-key” synthetic lease agreement saving over $3 million.
UNITED TECHNOLOGIES CORPORATION / EST National Training & Operations Center 8985 Town Center Parkway | Bradenton, FL 106,790 SF In 2002, Edwards Systems Technology (EST), headquartered in Bradenton, FL, anticipated significant growth and required a new campus to house their corporate and training facilities. SERVICES • Location Advisory • Market Analysis RESULTS • Negotiated a competitive contract with Lakewood Ranch for the purchase of the 11.85-acre site with expansion rights and entitlement to expand up to 47,000 sf on an additional 5.7 acres. • Secured a competitive “open book” design/build agreement with Duke Realty for a new 106,790 sf office building, creating a savings of $2 million. • Through negotiations and an online “GE” bid process, Cushman & Wakefield saved EST over $1 million in building costs. • Cushman & Wakefield ultimately sold the building on behalf of Duke Realty for $19.1 million as an investment sale. • Subsequently, EST merged into a subsidiary of General Electric, resulting in the establishment of the company’s world headquarters at the former EST building. • Site Selection • Build-to-Suit Advisory • Financial Analysis • Negotiations
NIELSEN MEDIA RESEARCH World Research Headquarters 501 Brooker Creek Boulevard | Oldsmar, FL PHASE I - 471,000 SF / PHASE II - 138,000 SF / TOTAL - 609,000 SF Having experienced significant growth and the need for major technology upgrades, Nielsen required a new headquarters to house corporate operations and training facilities. SERVICES • National Site Search • Market Analysis • Demographic Analysis • Project Partner Advisory • Zoning Advisory • Cushman & Wakefield negotiated a competitive contract with Harrod Properties for purchase of a 40-acre site with option land and entitlement rights to expand up to 600,000 sf in Oldsmar, FL. RESULTS • Cushman & Wakefield conducted a national search for corporate facilities and evaluated all viable options; evaluated demographics and performed financial analysis of consolidation options.
• Assisted with interview process for professionals including architect, civil and structural engineers, contractors, IT consultants, government incentives and project management. • Negotiated a competitive design/build agreement with Hardin Construction to act as General Contractor for a new 471,000 sf office and data processing campus with a 138,000 sf expansion. • Negotiated a competitive Development Agreement resulting in $6 million in savings. • The deal was structured as a tax and GAAP driven 35-year prepaid lease, resulting in a 40% occupancy cost reduction for Nielsen under US and Dutch GAA accounting rules.
• Lease Negotiations • Financial Analysis, Including Dutch GAAP Accounting Compliance
GARTNER, INC. International Operations Center | 12651 Gateway Boulevard | Fort Myers, FL | 120,000 SF The Gartner Group wished to relocate its financial operations group throughout the United States. Cushman & Wakefield, providing real estate brokerage and advisory services, narrowed the focus to Connecticut and Florida, with a particular focus on Tampa, Orlando and Fort Myers. SERVICES • Location Advisory • Market Analysis • Site Selection • Build-to-Suit Advisory & Developer Competition • Financial Analysis • Negotiations RESULTS
• Negotiated a development agreement for a build to suit for a 120,000 SF regional operation center with a long-term lease agreement. • Negotiated a competitive “open book” formula lease resulting in over $2.5 million in savings through reduced fees and rent reductions. • Secured an adjacent option parcel of 7.41 acres to
allow for future expansion of the campus. • The facility was delivered on time and under budget.
WALT DISNEY COMPANY Reservations Center | 14014 Fieldside Place | Tampa, Fl | 64,000 SF Assisted Walt Disney Company in evaluating the marketplace for the relocation of a reservation center, comparing two cities. Tampa was chosen as the preferred area. SERVICES • Market Analysis • Site Selection • Financial Analysis • Negotiations • Incentives Advisory RESULTS
• Secured a long-term lease for 64,000 square feet between Disney and JP Morgan at favorable terms, which included a purchase option that Disney sold for a substantial profit.
GENERAL MOTORS Operations Center | 5701 E. Hillsborough Avenue, Suite 2300 | Tampa, FL | 100,000 SF Assisted GM in evaluating the marketplace for the locating of a new call center headquarters in the Tampa Bay area. SERVICES • Market Analysis • Site Selection • Financial Analysis • Negotiations • Incentives Advisory RESULTS • Secured long-term lease for 100,000 SF at below-market terms and conditions, saving General Motors over $1 million. • The commitment of General Motors precipitated the complete redevelopment of the office park.
DIGITAL LIGHTWAVE Headquarters | 15550 Lightwave Drive | Clearwater, FL | 92,000 SF
As an emerging company with unpredictable growth requirements, Digital Lightwave’s expansion called for high-end, high-tech office space. Originally, Digital Lightwave wanted to remain in their existing location, Clearwater Tower. Cushman & Wakefield was hired to evaluate the existing property and after being presented with all the alternatives, Digital Lightwave determined that a build-to-suit was the better option. SERVICES • Market Analysis • Site Selection • Build-to-Suit Advisory • Financial Analysis • Negotiations RESULTS
• A new 92,000 SF Class A office building at the foot of Bayside Bridge and Roosevelt Boulevard was delivered on time and under budget. • Cushman & Wakefield directed negotiations for a build-to-suit with a competitive, “open book” formula lease that resulted in savings of over $1.7 million.
ABOUT CUSHMAN & WAKEFIELD
BY THE NUMBERS
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EXPERIENCED & PROVEN TENANT ADVISORS
Andy is an Executive Managing Director with a career that spans over 33 years in Tampa Bay.
ANDY MAY Executive Managing Director firstname.lastname@example.org +1 813 204 5305
• NAIOP Best of the Best; Top Office Broker (multiple years) Broker Deal of the Year (multiple years) Most Creative Deal (2010) • Westshore Alliance • CoreNet • Cushman & Wakefield Regularly recognized as Top 100 Broker Member, Tenant Advisory Group Member, Legal Sector Advisory Group • FGCAR (Commercial Real Estate Board) Recognized as a Top Office Broker in Tampa for 12 of the past 16 years • Metropolitan Ministries Chairman, Board of Directors • Florida State University
Andy is an Executive Managing Director in Cushman & Wakefield’s Tampa office. With a career that spans over 33 years in the Tampa Bay area’s commercial real estate market, Andy May has served the past 28 years in the Commercial Brokerage division of Cushman & Wakefield of Florida. Specializing in tenant representation services within the office market, Andy has successfully negotiated more than 2,000 commercial lease transactions. Mr. May brings local market intelligence together with a sophisticated approach to advising clients on all financial and business considerations during the transaction. He leads a three-person team of real estate professionals that specialize in tenant representation and is recognized for his expertise with complex build to suit transactions. The team acts as national real estate providers for several of the leading corporations headquartered in Tampa Bay.
Nina is a Director with over 14 years of experience as a tenant-focused real estate expert.
NINA SULLIVAN Director email@example.com +1 813 204 5352
• Westshore Alliance • Cushman & Wakefield
As a Director in the Cushman & Wakefield Tampa office, Nina has over 14 years of hands-on real estate experience in the New York and Tampa markets. She works closely with her clients to develop effective occupancy strategies to achieve their real estate objectives. Nina specializes in advising corporate tenants with multi-office portfolios, assisting clients throughout the real estate process from initial market intelligence to lease negotiations and beyond. Nina represents her clients’ real estate needs throughout the U.S. and internationally. Areas of expertise include acquisition of new office space, relocation, lease renewals/ extensions, early lease restructures, build-to-suit transactions, subleasing surplus space, and occupancy cost reduction strategies.
Deal of the Year 2018, WeWork Future Leaders, Tampa Chapter Lead 2013–2018 Member, Tenant Advisory Group • FGCAR (Commercial Real Estate Board) Member #3 Top Producer in General Brokerage 2013 • CREW Tampa Bay CREW Excellence Award 2019, WeWork at 501 Kennedy • Big Brothers Big Sisters of Tampa Bay • Christian Businesswoman’s Connection
(CBWC, Tampa Bay) Director of Strategy • Villanova University
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