May Tenant Advisory

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

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