Syniverse FRI
Animated publication
A PROPOSAL FOR Real Estate Broker Services
PREPARED FOR
+ JLMPartners
Executive Summary
Why Cushman & Wakefield The purpose of this response is to demonstrate why Cushman & Wakefield (C&W) is the ideal candidate to partner with JLM Partners on Syniverse’s Tampa Headquarters assignment. We are confident that our proven approach and time-tested strategies will achieve optimal results for Syniverse. Our approach brings together the vast expertise of our professionals – a teamwith unparalleled connections to landlords and potential tenants, as well as a proven track record of large, complex headquarters transactions. Throughout the proposal we will showcase the evidence of success delivering customized solutions to clients with similar objectives, giving you the assurance that our team is the ideal partner.
The primary ways our team can capitalize on connection and deliver optimal results on this assignment are:
Our Unmatched Experience
Our History
Evidence of Our Success with Landlords, Tenants, & Leverage in the Market
of Partnership with Syniverse
Outlined below is the structure of this proposal. To ensure compliance with requirements, we’ve highlighted where each topic is covered:
3 YOUR TEAM
Answers Questions: 1 - 2 - 3 - 5
Answers Question: 12 4 EXPERIENCE 6 OUR UNDERSTANDING
8 STRATEGY
Answers Questions: 6 - 7 - 8 - 9 - 10 10 EVIDENCE OF SUCCESS
Answers Question: 4 - 11 - 13 12 TAMPA ACCOUNT TEAM BIOS
17 FEES & AGREEMENTS
*See Appendix (page 21) for RFI Question Numbering Correlation.
2 | Syniverse
Your Team
The C&W team is composed of senior-level subject matter experts, representing the full range of real estate disciplines needed to create an executable strategy incorporating our tenant representation expertise, experience with results-oriented disposition, and access to financial analytics, best-in class marketing and research. This team has decades of experience representing major corporations and has unmatched expertise in the Tampa market. We add to this experience our mindset that Syniverse’s needs and objectives are unique, and will require a strategic, tailored strategy in order to execute a headquarters disposition and relocation successfully.
JLMPartners
TAMPA ACCOUNT TEAM CO-BROKER DESIGNATED AGENT
RELATIONSHIP MANAGEMENT
EXECUTIVE OVERSIGHT
Andy May Leasing Advisor EXECUTIVE MANAGING DIRECTOR
Nina Fishman Leasing Advisor DIRECTOR
Dale Schlather EXECUTIVE VICE CHAIR
Wanda Riley MANAGING PRINCIPAL FLORIDA
BROKERAGE SUPPORT
Rick Brugge, CCIM Investment Sales EXECUTIVE MANAGING DIRECTOR
Lindsey Harris BROKERAGE SPECIALIST
RESEARCH & THOUGHT LEADERSHIP Kenneth McCarthy Chris Owen Josh Faircloth MARKETING & COMMUNICATIONS Chrissy Allen Tyler Petrich
FINANCIAL ANALYST Ruddyan Roldan
PROJECT & DEVELOPMENT SERVICES Carey Poole Stephan Silva
Cushman & Wakefield | 3
Experience Big Deal Experience
HIGHWOODS PRESERVE TAMPA, FL TENANT REP 176,025 SF
HIGHWOODS PRESERVE TAMPA, FL TENANT REP 198,750 SF
HIDDEN RIVER TAMPA, FL TENANT REP 45,000 SF
NEW REGIONAL OPERATIONS CENTER
HEADQUARTERS LEASE EXTENSION
LEASE EXTENSION
6550 W HILLSBOROUGH TAMPA, FL SUBLEASE TO ID.ME 103,072 SF
HEIGHTS UNION TAMPA, FL TENANT REP 105,684SF
501 KENNEDY TAMPA, FL TENANT REP 58,350 SF
FORT MYERS, FL
BUILD-TO-SUIT & TENANT REP 483,804 SF
VARIOUS OPERATIONS CENTER
NEW REGIONAL OPERATIONS CENTER
NEW REGIONAL OFFICES
FLAGSHIP TAMPA LOCATION
4 | Syniverse
Experience Our Experience at Highwoods Preserve Building I 8125 Highwoods PalmWay Building II 18206 Crane Nest Drive Building III 18301 Bermuda Green Drive 1 2 3
OWNER TPG Real Estate SIZE 198,750 SF TENANT Syniverse Building IV 18210 Crane Nest Drive SYNIVERSE LEASED Prime Lease: 2005 Lease Extension: 2015
METLIFE OWNED Sale: 2005
OWNER/USER Depository Trust SIZE 176,014 SF NOTE DTCC OWNED Sale: 2004
OWNER/USER MetLife SIZE 33,000 SF NOTE MetLife Amenities Building
3.27 AC Land Site & Parking Garage Building VII 18216 Crane Nest Drive OWNER Sentinel Real Estate SIZE 115,230 SF METLIFE LEASED Prime Lease: 2006 Lease Extension: 2019 Building Sale: 2021
Building V 18205 Crane Nest Drive
4
5
6
METLIFE OWNED Sale: 2005
METLIFE LEASED Prime Lease: 2005 Lease Extension: 2019 Building Sale: 2021
OWNER MetLife SIZE 231,060 SF
OWNER/USER IP Capital SIZE 174,883 SF
TENANT MetLife NOTE Recently Sold by Highwoods
TENANT MetLife NOTE Recently Sold by Highwoods
C&W ACCOUNT TEAM TRANSACTIONS
LEASE & SALE
SALE
5
3
1
4
LEASE
2
6
SALE
SALE
LEASE & SALE
Cushman & Wakefield | 5
Our Understanding
Based on what was shared with our team in both the pre-interview and in the corresponding RFI, we understand the following about Syniverse’s objectives:
Requirements For Your Partner • Develop comprehensive strategy for the lease
renegotiation, excess space disposition (sublease or buyout), and/or relocation of Syniverse’s existing 198,750 SF at Highwoods Preserve • Provide acquisition strategy and implementation for new or renegotiated lease for 50,000 – 70,000 SF Keys To Success • Understanding of Syniverse’s overall business drivers • Delivering a fresh perspective • Market expertise and leverage
Current Situation BUILDING NAME Highwoods Preserve I
LANDLORD TPG Real Estate
ADDRESS 8125 Highwoods PalmWay
TENANT Syniverse Technologies, LLC
BUILDING SIZE 198,750 SF
LAST SOLD December 2018; $37.5M
LOCAL MARKET Tampa, Florida and Vicinity
REFINANCED June 2021
• Insights into a connection with potential subtenants • Global reach, network and visibility for Syniverse’s Headquarters disposition assignment
Existing Lease SQUARE FEET 198,750 Rentable SF LEASE EXPIRATION January 31, 2027
New Lease Targeted SQUARE FEET Syniverse is anticipating a footprint of approximately 50,000 – 70,000 SF. This is estimated and subject to change in conjunction with space planning at later date. TRANSACTION TYPE Lease renegotiation or buyout; excess space disposition (sublease or buyout), and/or relocation. TARGET LOCATION Within the Tampa office market with access to amenities.
Situation Overview
REMAINING LEASE OBLIGATION EST. +$30M(Assuming$10/SFOPEX)
Headquarters currently on market for sublease (full or partial)
Lease Buyout Preferred
Communication ongoing with Landlord Desire to downsize (in place or relocation) to 50,000 - 70,000 RSF
6 | Syniverse
Our Understanding/State of the Market
Tampa Market as a Whole 7% increase in rental rates 20% increase in Tampa CBD rental rates 72% of all leasing activity is within the CBD and Westshore 93% of activity is in Class A properties
Northeast/I-75 Corridor Market Stats Inventory: 8M SF Vacancy Rate: 20.8% 1.5M SF of space on the market in Northeast Tampa 2021 Year End Activity: 280,000 SF Big Tenants in the Market • CITI – in direct contact with account manager; requirement & timing still being refined. • AdventHealth – leaning towards extension at Hidden River. • TECO – rumored to be pursuing build-to-suit at Midtown northeast tower (up to 300,000 RSF). • SimplyHealth – leases out at SkyCenter.
Challenges • Campus style projects continued to be sparsely populated
• Decisions to introduce shadow space have been delayed by many companies • Timing/Syniverse’s remaining lease obligation • In-park competition (sublease/direct) • Limited access to food service & amenities
HIGHWOODS PRESERVE I
Cushman & Wakefield | 7
Strategy
C&W will deploy a customized approach delivered by an integrated team that will organize and coordinate the project, define and manage daily tasks and resources, control process and schedule, execute all transactions and document the progress with transparent reporting. The C&W team, in coordination and collaboration with the JLM Partners and Syniverse team, will follow the comprehensive process depicted below to create and execute an effective strategy. Our process integrates key real estate services disciplines to ensure that any and all real estate opportunities are identified and creative solutions explored. C&W will have the foresight to assess and mitigate all challenges and risks. This systematic and efficient process will result in you having the right tools and information to make fully informed decisions at every stage.
Approach Overview
Engagement with Incumbent Landlord
Sublease Efforts
Timing & Coordination
Relocation Objectives
Market Leverage
C&W’s will use our network to attract inbound and out of market tenants on a regional and national level – This is what differentiates our approach from our competitors.
8 | Syniverse
Our Approach
Relocation Objectives C&W will work with Syniverse to understand and meet all criteria for a relocation. OBJECTIVES WILL INCLUDE: • Control & reduce occupancy costs • Achieve flexibility for future growth or contraction • Maximize space efficiency & design that complements the corporate culture We will explore all possible opportunities that would create a beneficial headquarters for Syniverse. Market Leverage We have completed the largest, most complex deals in this market. Our extensive experience in the Tampa Bay market affords our team the ability to understand market dynamics and create leverage that will benefit Syniverse. We will take into consideration the current market trends, including impacts of the pandemic on market dynamics. With limited large blocks of space available, C&W will work to uncover any “off market” or creative opportunities that may be a fit for Syniverse’s new headquarters. Our relationships in the market, knowledge about other tenants, and experience with all major landlords will allow us to position Syniverse for success. Timing & Coordination It will be critical to the project’s success to coordinate the timing between any potential sublease, buyout agreement, and relocation to a new location in the market. In parallel, C&W will work with JLM Partners and Syniverse to hone in on opportunities for relocation in the 50,000 - 70,000 SF range that meet the company’s timing requirements. We will create and manage a project timeline to ensure that each milestone and requirement along the way is met in a timely fashion, including any internal approval processes. We have an in-depth, integrated team including financial analytic support, capital markets, project management, and marketing resources that will allow us to be efficient and effective in subleasing or negotiating a potential buyout, and securing a new location for Syniverse. Sublease Efforts To ensure we have the greatest success in subleasing Syniverse’s Highwoods Preserve Headquarters, we have assembled one strategic C&W team of experienced real estate professionals to represent Syniverse on this important assignment. C&W has the greatest market share of office leasing throughout Tampa Bay, providing knowledge and access to a deep pool of tenants around the globe. We will leverage our network and relationships to ensure that this sublease space receives exposure market-wide, as well as with out-of-market tenant requirements. We will formulate a strategy to best position the asset for disposition, securing competitive and favorable sublease terms to yield maximum value for Syniverse. We are poised to implement our best-in-class marketing and technology, to reach a broad target audience and create visibility in the market for Syniverse. We are highly responsive, prepared with proven leasing tools, and positioned to move forward and engage the market as soon as possible. Engagement with Incumbent Landlord C&W understands that JLM Partners has already engaged Syniverse’s current landlord, TPG Real Estate. We will coordinate with JLM Partners to keep open lines of communication with TPG Real Estate. C&W will position Syniverse for a potential buyout negotiation as an opportunity for TPG or a future buyer of the Highwoods Preserve building.
Cushman & Wakefield | 9
Evidence of Success
Active and Past (12 months) Local Market Assignments
Landlord Representation
BUILDING
TOTAL SF
BUILDING
TOTAL SF
Tampa City Center
757,425
Renaissance Center III
142,881
100 N Tampa (90% Leased)
556,786
Atrium
135,088
Thousand One
385,000
Westwood Center
128,737
Heights Union
300,000
Memorial Center I
120,213
Bayport Plaza
264,718
13701 Bruce B Downs Boulevard 100,000
MetWest One
250,000
Sabal Corporate Center
84,770
MetWest Two
250,000
North Florida Office Building 75,000 The Loft at Midtown (90% Leased) 72,387 Memorial Center II 64,545
MetWest Three
247,691
One MetroCenter
240,320
Florida Blue
238,325
The Registry II
58,781
The Times Building
199,233
The Registry I at Sabal Park
58,319
711 East Henderson Avenue
193,917
University Hospital Medical Arts 56,882
Highwoods Preserve V
176,766
NationsBank Building
50,000
Verizon Wireless (Leased/Optioned to Id.me)
155,000
Account Team Listings
NO CONFLICTS IN LANDLORD REPRESENTATION
10 | Syniverse
Tenant Representation
MasterCard Mendes, Reins & Wilander PLLC Morgan & Morgan, Tampa, P.A. Oglethorpe, Inc. Old Republic National Title Peraton Corp. Pfizer Pitney Bowes Primo Water Holdings Inc. Q11 Associates Quiet Professionals ReliaQuest Sagicor Sharn Inc SIEMENS Energy, Inc. Sila Realty Management Company, LLC Sphere Access Inc.
ACCSYS, LLC Adecco USA, Inc AdventHealth Akerman LLP
ConnectOn ConnectWise Diebold Nixdorf Fay Servicing LLC First American First Home Bank Flad & Assoc Florida Surgery Consultants Frank M. Dejiulio and Associates Inc. Genovese Joblove & Battista General Mills Graham Capital Inc. Guidehouse Inc Instrumental Wealth Jacobs Engineering Group Inc Kopernik KPMG Level 3 Communications, LLC
Tampa Downtown Partnership Tampa General Hospital (TGH) Tampa Legal Copies TECO The Boeing Company Thomas Howell Ferguson THR Property Management L.P. Total Quality Logistics Turner & Townsend Turner Construction Company UBS Financial Services Ultra Electronics Advanced Tactical Systems, Inc. VHA Southeast Walter P Moore and Associates, Inc.
Alfonso Architects Atlantic Financial Apex Systems, Inc. Arcadis Aware Recovery Care of Florida, LLC Axioma Ventures Barr & Barr BB&T Best Insurance Group Bill360, Inc BMC Software, Inc. Citi C&K Architects Cambridge International Systems CH Robinson Worldwide, Inc. Concurrent Advisors LLC
Wipro Technologies World of Beer, Inc.
Account Team Clients
Tenant Representation by Cushman & Wakefield Building Owner: TPG Real Estate
BUILDING
LEASED SF LOCATION TENANT REPRESENTED
Town Center One
5,482
Jacksonville, FL Claim Central Consolidated
Butler Plaza II
3,266
Jacksonville, FL Attorneys Title Fund Services, LLC
Butler Plaza II
2,992
Jacksonville, FL GovernmentJobs.com Inc.
Cushman & Wakefield | 11
Tampa Account Team Bios
Andy May EXECUTIVE MANAGING DIRECTOR
+1 813 204 5305 andy.may@cushwake.com
Andy is an Executive Managing Director in Cushman &Wakefield’s Tampa office. With a career that spans over 35 years in the Tampa Bay area’s commercial real estate market, Andy May has served the past 32 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 advertising clients on all financial and business considerations during the transaction. He leads a four-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. Professional Affiliations/Recognition • FGCAR (Commercial Real Estate Board): Local market expert in Tampa Bay region, including recognition by FGCAR as a Top Office Broker in Tampa for 12 of the past 16 years. • NAIOP: Multiple recognitions for Best of the Best (Top Office Broker), Broker Deal of the Year (multiple years) and Most Creative Deal (2010). • Westshore Alliance • CoreNet • Cushman &Wakefield: Regularly recognized as Top 100 Broker; Member, Tenant Advisory Group, Member, Legal Sector Advisory Group • Community: Chairman of the Board of Directors for Metropolitan Ministries; previously served as Executive Board Director for Florida State University’s Center for Real Estate & Research
YEARS OF EXPERIENCE 35
Education BS in Marketing Florida State University LICENSE #: BK440676
12 | Syniverse
Nina Fishman DIRECTOR
+1 813 204 5352 nina.sullivan@cushwake.com
Nina is a tenant advisor in Cushman & Wakefield’s Tampa office. With over 15 years experience as a tenant-focused real estate expert, Nina works on behalf of her clients to provide market intelligence, site selection, lease negotiation, and financial analysis for leasing transactions. Areas of expertise include acquisition and disposition of commercial office space, relocation, lease renewals/extensions, and occupancy cost reduction strategies. Nina currently advises a number of Tampa Bay based clients on their office portfolios in the U.S. and locations around the world.
YEARS OF EXPERIENCE 15
LICENSE #: SL3265508 Education BS in Marketing & Business Law Villanova University
Professional Affiliations/Recognition • Cushman & Wakefield Future Leaders • Tenant Advisory Group • Westshore Alliance • FGCAR • Big Brothers Big Sisters of Tampa Bay
• Christian Businesswoman’s Connection (CBWC Tampa Bay) • #3 Top Producer in General Brokerage 2013 by Florida Gulfcoast Commercial Association (FGCAR)
Cushman & Wakefield | 13
Our Commitment
Senior Team in every discipline
Leverage and Influence in market
Most Experienced complex assignments
We KnowHighwoods Preserve inside and out
Proven and Committed to Syniverse longterm history
14 | Syniverse
Depth » agency leasing & tenant rep » financial consulting » market research & analysis » capital markets » project management » incentives
No Conflicts time or market
Priority Assignment accountability
Cushman & Wakefield | 15
APPENDIX
Fees Brokerage Fees
Cushman & Wakefield will always yield to a “fair market” fee approach which is based on market customs, taking into account the scope and nature of the assignment. The following fees are based on established markets in Florida and may vary from market to market, depending on the assignment.
BROKERAGE FEES Sublease: Up to 6% of the total gross sublease value
(to be equitably divided by sublandlord broker and subtenant broker) If no outside broker is involved, fee shall be 4% of the total gross sublease value.
Termination/Lease Buyout: 4% of the total rental savings
In all cases, Cushman & Wakefield will disclose the terms of any commission or compensation arrangement related to a transaction completed on behalf of Syniverse.
Cushman & Wakefield agrees all fees to be paid by landlord/sublandlord per a separately agreed upon listing/representation agreement.
Cushman & Wakefield agrees Lead Co-Broker and Local Co-Broker are to share customary fees 50%/50% paid by landlord/sublandlord in Local Market, per separate Co-Broker agreement to be supplied by Lead Co-Broker.
Cushman & Wakefield | 17
Sample Agreements Sublease
[Insert name of Sublandlord] (“Sublandlord”) appoints [Cushman &Wakefield of Florida, LLC OR Cushman &Wakefield U.S., Inc.] (“C&W”) as its sole agent and grants to C&W the exclusive right to sublease the premises (the “Premises”) currently leased by Sublandlord in the real property located at [Insert address and/or description of the Property], or to obtain an assignment, buyout, cancellation or termination of Sublandlord’s lease of the Premises, as provided below. A sublease, assignment, buyout, cancellation or termination will be referred to as a “Transaction” below. 1. Term. The term of this agreement will commence on [Insert Commencement Date] and will expire on [Insert Expiration Date] . 2. Services. C&Wwill use its efforts to obtain a satisfactory Transaction for the Premises at a rate to be determined by Sublandlord and on such other terms as are acceptable to Sublandlord. C&Wwill negotiate the business terms of any Transaction on behalf of Sublandlord and in Sublandlord’s best interest, subject to Sublandlord’s review and final approval, except as otherwise directed by Sublandlord. C&W will cooperate with other licensed real estate brokers. 3. Marketing. Sublandlord authorizes C&W to advertise and place signage on the Premises, subject to Sublandlord’s approval of any advertisements and signage. C&W, at its own expense, will place its standard sign on the Premises and will prepare and distribute a standard brokerage flyer. All advertising whether prepared or issued by C&W or by Sublandlord will identify C&W as Sublandlord’s exclusive agent for the Premises. ALTERNATIVELY FOR CAPITAL MARKETS TRANSACTION, INCLUDE THE FOLLOWING LANGUAGE: Sublandlord shall reimburse C&W for its validated, third party out of pocket marketing expenses, so long as this total reimbursement does not exceed $12,000. Notwithstanding anything to the contrary set forth in this agreement, in the event that the Sublandlord terminates this agreement prior to the expiration of the term as a result of the Sublandlord choosing to withdraw the Property from the market, the Sublandlord shall reimburse C&W for the costs and expenses incurred by C&W to the date of such termination in connection with the performances of its services under this agreement, provided same does not exceed $12,000. 4. Referrals. During the term of this agreement, Sublandlord will refer to C&W all inquiries and offers received by Sublandlord with respect to the Premises, regardless of the source of such inquiries or offers. 5. Commission. If, during the term hereof, Sublandlord enters into a Transaction for any portion of the Premises, Sublandlord will pay to C&W a commission in accordance with the attached Schedule of Commissions. Within 10 days after the end of the term, C&W will provide to Sublandlord a list of prospective subtenants and assignees to whom the Premises was submitted by any party during the term. If a prospective subtenant or assignee, appearing on the list, enters into a sublease or assignment within 180 days after the end of the term, and thereafter the sublease or assignment is fully executed and delivered, Sublandlord will pay a commission to C&W as provided above. Sublandlord agrees that such 180-day period will be extended for so long as negotiations with a prospective subtenant or assignee are continuing. 6. Outside brokers. If C&W recognizes an outside broker authorized to represent the subtenant or assignee in a transaction for which a commission is payable hereunder, C&W will request such broker to agree to accept the outside broker portion of the commission computed and payable in accordance with the annexed Schedule, and if such other broker agrees, Sublandlord will pay C&W the commission computed and payable in accordance with the annexed Schedule out of which C&W will pay to such other broker its agreed upon commission and retain the balance of the commission as C&W’s compensation. If the other broker does not so agree, then negotiations will be suspended until such agreement is obtained. The term “outside broker” means a broker other than [Insert the name(s) of the individual members of the listing team]. 7. Representation of Subtenants. Sublandlord acknowledges and agrees that C&W may represent potential subtenants and assignees and consents to such dual representation, provided C&W timely discloses any such dual representation to Sublandlord. 8. Fees and Expenses. If either party commences litigation against the other party to enforce its rights under this agreement, the prevailing party will be entitled to recover from the other party the costs and expenses (including reasonable attorneys’ fees) incurred. 9. Authority. Sublandlord represents that it has a valid leasehold interest in the Premises and has the right to sublease or assign the Premises, subject to any approval required from the prime landlord, if any. The individuals signing below represent that they are authorized to sign this agreement on behalf of the entity indicated. 10. Professional Advice. C&W recommends that Sublandlord obtain legal, tax or other professional advice relating to this agreement and the proposed sublease of the Premises as well as the condition and/or legality of the Premises, including, but not limited to, the Premises’ improvements, equipment, tenancies, title, environmental aspects and compliance with the Americans with Disabilities Act. C&W will have no obligation to investigate any such matters unless expressly otherwise agreed to in writing by Sublandlord and C&W. Sublandlord further agrees that in determining the financial soundness of any prospective subtenant, Sublandlord will rely solely upon Sublandlord’s own investigation and evaluation, notwithstanding C&W’s assistance in gathering any financial information. 11. OFAC. Each party represents and warrants to the other that it, and all persons and entities owning (directly or indirectly) an ownership interest in it: (a) are not, and will not become, a person or entity with whom a party is prohibited from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including, but not limited to, those named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order or other governmental action; and (b) are not knowingly engaged in, and will not knowingly engage in, any dealings or transactions or be otherwise associated with such persons or entities described in clause (a) above. 12. Anti-Bribery & Corruption. Each party represents and warrants to the other that it (and any party acting on its behalf) has not, in order to enter into this agreement, offered, promised, authorized or made any payments or transfers of anything of value which have the purpose or effect of public or commercial bribery, kickbacks or other unlawful or improper means of doing business (“Prohibited Activity”) and will not engage in Prohibited Activity during the term of this agreement. In the event of any violation of this section, the non-offending party shall be entitled to immediately terminate this agreement and take such other actions as are permitted or required to be taken under law or in equity.
18 | Syniverse
13. Miscellaneous. This agreement shall be governed by the laws of the State of Florida, without giving effect to principles of conflicts of law. This agreement constitutes the entire agreement between the parties regarding the subject matter herein, and no amendments, changes or modifications may be made to this agreement without the express written consent of each of the parties. If any term or provision of this agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms and provisions of the Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. No failure or delay by a party in exercising any right hereunder or any partial exercise thereof shall operate as a waiver thereof or prohibit any other or further exercise of any right hereunder. This agreement shall benefit and be binding upon the parties and their respective successors and assigns. This agreement may be executed and delivered (including by facsimile, “pdf” or other electronic transmission) in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. [INSERT NAME OF SUBLANDLORD] By: Name: [CUSHMAN &WAKEFIELD OF FLORIDA, LLC OR CUSHMAN & WAKEFIELD U.S.] By: Name: Schedule of Commissions for Sublease Sublease Rates: [_____] percent ( %) of the aggregate rental for the entire sublease term; provided, however, if an outside broker procures the subtenant, Sublandlord shall pay C&W one and one-half (1 ½) times the commission computed and payable above, out of which C&W will pay to such other broker one full commission and retain the balance as C&W’s compensation. Renewals; Extensions; Expansions: If, at any time: (i) the term of a sublease is renewed or extended whether pursuant to any option(s) or right(s) contained in the sublease or not; or (ii) a subtenant subleases other or additional space from the Sublandlord whether pursuant to any option(s) or right(s) contained in the sublease or not; then, and in any such event, the Sublandlord shall pay to C&W additional commission(s) based on the aggregate gross rental for the renewal or extension term(s) or for such other or additional space(s) and computed at the above rates. Any such additional commissions shall be paid at the time of full execution of the renewal or extension lease agreement or lease amendment by the Sublandlord and the subtenant, or the commencement of the term of the lease of other or additional space Commissions shall be computed in accordance with the above rates based upon the aggregate gross rental set forth in the sublease, including rental attributable to rent increases (but not tax or operating expense escalations) and to additional space required to be subleased by subtenant pursuant to the sublease. If a rental concession is granted in lieu of the Sublandlord performing construction or alteration work and with respect to any other allowances or concessions granted to a subtenant, whether in the form of a credit against rent, construction, decoration or otherwise, there shall be no deduction from the aggregate gross rental set forth in the sublease. If in conjunction with the sublease any fixtures, furniture, equipment or other personal property is transferred from the Sublandlord to the subtenant, then Sublandlord shall pay to C&W a commission equal to [ ] percent ( %) of any consideration payable to Sublandlord for such fixtures, furniture, equipment or other personal property. [Delete this clause if inapplicable] Net Subleases: Commissions shall be computed in accordance with the above rate(s) based upon: (i) the aggregate base rental set forth in the sublease including rental attributable to fixed rent increases and to additional space required to be leased by a subtenant pursuant to the Sublease; plus (ii) such subtenant’s pro rata share of property taxes, utilities, costs of maintaining or operating the Premises, insurance and/or Sublandlord’s mortgage interest (collectively, the “Triple Net Items”), which Triple Net Items shall be considered as rent on which C&W’s commission is payable. In making the computation, the amounts of such Triple Net Items for the current year, if fixed, shall be used; if not fixed, the amounts of such Triple Net Items for the previous year shall be used, however, where new construction is involved that portion of the commission applicable thereto shall be computed and paid on the basis of the final tax assessment, actual utility costs, actual operating and maintenance costs, actual insurance costs, and actual mortgage interest on the new building after its completion. It is understood that the amount of such Triple Net Items for the first year of the sublease term shall be deemed to be the amount for all subsequent years of the sublease term for the purposes of computing the commission and no subsequent increases shall be subject to commission. If a rental concession is made by Sublandlord allowing such subtenant not to pay rent for any period during the sublease term, the commission shall be calculated on the average annual rental for the entire term with the first year being deemed to commence on the first day of the sublease term whether or not rent is payable. The average annual rental will be calculated by taking the aggregate net rental for the entire sublease term, subtracting rent abatement and dividing by the total number of years in the sublease term. Except for rent abatement, there shall be no other offsets against aggregate net rental for purposes of calculating the commission. If rental concessions are granted in lieu of Sublandlord performing building standard construction or alteration work, there shall be no deduction from the aggregate net rental set forth in the sublease. Assignment, Surrender, Cancellation or Sale of Lease Transaction: The commission shall be computed in accordance with the above rates based upon the aggregate rental for the remaining unexpired term of the tenant’s lease for the Premises, plus [ ] percent ( %) of any other consideration (including consideration payable to the tenant for the transfer of any fixtures, furniture, equipment or other personal property) payable to the tenant in connection with the assignment, surrender, cancellation or sale of lease transaction. If a rental concession is made by Sublandlord allowing a subtenant not to pay rent for the initial months of the sublease term, then the commission shall be calculated on the entire term with the first year being deemed to commence on the first day of the sublease term whether or not rent is payable. Time of Payment: Commissions on subleases shall be earned and due in full, paid as follows: 50% upon sublease execution and 50% upon sublease commencement. In the case of an assignment, buyout, cancellation or termination of lease, the commission shall be paid in full on the execution of the assignment, buyout or cancellation document. Cancellation Clauses: Where the Sublandlord and/or the subtenant has the right to cancel a sublease at a time subsequent to the execution and delivery of the sublease, C&W shall be paid a commission for the entire sublease term as through such right to cancel did not exist. Broker Regulatory or Statutory Provisions: It is unlawful for either Sublandlord or C&W to discriminate against any persons because of their race, color, religion, national origin, sex, handicap or family status. Computation of Commissions: Sublease Transaction: [Delete this clause if inapplicable] Gross Subleases Title: Date: Title: Date:
Cushman & Wakefield | 19
Representation [Insert name of Client] (“Client”) appoints [Cushman & Wakefield of Florida, LLC OR Cushman & Wakefield U.S., Inc.] (“C&W”) as its sole agent and grants to C&W the exclusive right to represent Client with respect to the acquisition of real property in [Insert geographic area] as provided below. 1. Term. The term of this agreement will commence on [Insert Commencement Date] and will expire on [Insert Expiration Date] . 2. Services. C&Wwill use its efforts to find, negotiate for and secure a location in the above geographic area satisfactory to Client during the term of this agreement. C&Wwill negotiate the business terms of any purchase and sale agreement, lease or sublease, as the case may be, on behalf of Client and in Client’s best interests. C&Wwill cooperate with other licensed real estate brokers. Client acknowledges and agrees that C&W is not responsible to determine whether toxic or hazardous wastes or substances or other undesirable materials are present at any property that ultimately may be purchased or leased, and Client further acknowledges and agrees that it is solely Client’s responsibility to conduct investigations to determine the presence of such materials. 3. Referrals. During the term of this agreement, Client will refer to C&W all inquiries and offers received by Client with respect to the acquisition of real property in the above geographic area, regardless of the source of such inquiries or offers. 4. Commission. Unless otherwise agreed in writing by Client, C&Wwill look only to the seller, landlord or sublandlord, as the case may be, for its commission. Notwithstanding the forgoing, in lieu of the seller, landlord, or sublandlord paying C&W its commission, the Client may elect to pay C&W its commission. Subsequent to the expiration of this agreement, Client will continue to recognize C&W, for a period of twelve (12) months, as Client’s exclusive broker, in accordance with the provisions hereof, with respect to any locations that have been submitted to Client during the term of the agreement. 5. Representation of Other Parties. Client acknowledges and agrees that C&Wmay represent potential sellers, landlords or sublandlords and consents to such dual representation, provided C&W timely discloses any such dual representation to Client. Client also understands that C&W may represent other parties interested in acquiring space or property that may be submitted to Client and Client consents to same. C&W will not disclose Client’s confidential information to any of its other clients. 6. Fees and Expenses. If either party commences litigation against the other party to enforce its rights under this agreement, the prevailing party will be entitled to recover from the other party the costs and expenses (including reasonable attorneys’ fees) incurred. 7. Authority. Client represents that it has the right to enter into this agreement and to consummate a transaction as contemplated herein. The individuals signing below represent that they are authorized to sign this agreement on behalf of the entity indicated. 8. Professional Advice. C&W recommends that Client obtain legal, tax or other professional advice relating to this agreement and the proposed purchase, lease or sublease, as the case may be, of real property as well as the condition and/or legality of any property, including, but not limited to, the property’s improvements, equipment, soil, tenancies, title, environmental aspects and compliance with the Americans with Disabilities Act. C&Wwill have no obligation to investigate any such matters unless expressly otherwise agreed to in writing by Client and C&W. Client further agrees that in determining the financial soundness of any prospective seller, landlord or sublandlord, Client will rely solely upon Client’s own investigation and evaluation, notwithstanding C&W’s assistance in gathering any financial information. 9. OFAC. Each party represents and warrants to the other that it, and all persons and entities owning (directly or indirectly) an ownership interest in it: (a) are not, and will not become, a person or entity with whom a party is prohibited from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including, but not limited to, those named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order or other governmental action; and (b) are not knowingly engaged in, and will not knowingly engage in, any dealings or transactions or be otherwise associated with such persons or entities described in clause (a) above. 10. Anti-Bribery & Corruption. Each party represents and warrants to the other that it (and any party acting on its behalf) has not, in order to enter into this agreement, offered, promised, authorized or made any payments or transfers of anything of value which have the purpose or effect of public or commercial bribery, kickbacks or other unlawful or improper means of doing business (“Prohibited Activity”) and will not engage in Prohibited Activity during the term of this agreement. In the event of any violation of this section, the non-offending party shall be entitled to immediately terminate this agreement and take such other actions as are permitted or required to be taken under law or in equity. 11. Miscellaneous. This agreement shall be governed by and interpreted in accordance with the laws of the State of Florida, without giving effect to principles of conflicts of law. This agreement constitutes the entire agreement between the parties regarding the subject matter herein, and no amendments, changes or modifications may be made to this agreement without the express written consent of each of the parties. If any term or provision of this agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms and provisions of the Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. No failure or delay by a party in exercising any right hereunder or any partial exercise thereof shall operate as a waiver thereof or prohibit any other or further exercise of any right hereunder. This agreement shall benefit and be binding upon the parties and their respective successors and assigns. This agreement may be executed and delivered (including by facsimile, “pdf” or other electronic transmission) in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. 12. Broker Regulatory or Statutory Provisions. Client acknowledges that C&W may represent potential landlords or sellers and consents to such designated representation. [INSERT NAME OF CLIENT] By: Name: [CUSHMAN &WAKEFIELD OF FLORIDA, LLC OR CUSHMAN & WAKEFIELD U.S.] By: Name:
Title: Date:
Title: Date:
20 | Syniverse
Original Request For Information
Wednesday, February 9, 22
VIA Email
Co-Broker Assignment Request for Information
Andy May Executive Managing Director Tenant Advisory Group Direct: +1 813 204 5305 Mobile: +1 813 245 3593 Fax: +1 813 221 9166 One Tampa City Center, Suite 3300
Tampa, Florida 33602 | USA andy.may@cushwake.com Re: Syniverse Technologies, LLC - Co-Broker Assignment Tampa, Florida
Dear Andy, On behalf of Syniverse Technologies, LLC, (Syniverse) we submit the following Request for Information (RFI) to identify and select a tenant representative (Co-Broker Designated Agent) from a Florida in-state co-brokerage real estate firm (Co-Broker) to team with Syniverse’s out of state global broker JLMPartners, LLC (Lead Co-Broker). After receiving your response, we will review the proposal and will respond to you. We request that you keep the contents of this RFI and any subsequent discussions confidential. ASSIGNMENT DESCRIPTION TRANSACTION TYPE: Lease renegotiation, excess space disposition (sublease or buyout), and/or relocation LOCAL MARKET: Tampa Florida, and Vicinity CURRENT LEASE EXP: Q1 2027 CURRENT LANDLORD: SOP8125 HW Palm Way LLC CURRENT TENANT: Syniverse Technologies, LLC CURRENT LOCATION: Highwoods Preserve Building 1 Tampa, Florida
Cushman & Wakefield | 21
Wednesday, February 9, 22
TARGET LOCATION:
Appropriate office markets in Tampa, Florida and vicinity.
EXISTING LEASE SQUARE FEET:
198,750 Rentable Square Feet
NEW LEASE TARGETED SQUARE FEET:
It is now anticipated that the initial demised premises shall consist of approximately 50-70,000 . Rentable Square Feet. This is estimated and subject to change in conjunction with space planning at later date.
LEASE COMMENCEMENT:
TBD
FEES:
All fees to be paid by landlord/sublandlord per a separately agreed upon listing/representation agreement. Lead Co-Broker and Local Co-Broker are to share customary fees 50%/50% paid by landlord/sublandlord in Local Market (per separate Co-Broker agreement to be supplied by Lead Co-Broker. Please provide: 1) Your company’s standard sublease listing agreement to include market fees; and 2) Your company’s letter of tenant representation agreement. Please include any creative initiatives, or “out of the box” ideas will you provide that will enable Syniverse to have a competitive advantage through its relationship with your team.
AGREEMENTS:
STRATEGY:
“CO-BROKER” AND “CO-BROKER DESIGNATED AGENT” DATA
1. Co-Broker name (“Co-Broker”):
____________________________
2. Proposed “Local Market” tenant representative (“Co-Broker Designated Agent”):
_____________________________
3. Any other proposed
team participants and their respective roles (“Team”):
______________________________
22 | Syniverse
Wednesday, February 9, 22
4. “Co-Broker Designated Agent”
State license number:
______________________________
5. Managing Director of proposed
“Co-Broker Designated Agent”:
______________________________
6. “Co-Broker” landlord representation assignments in “Local Market” active and past (12 Months): 7. “Co-Broker” tenant representation assignments in “Local Market” active and past (12 Months): 8. “Co-Broker” representation history (landlord or tenant) involving “Current Landlord” within “Local Market” and involving “Current Landlord” beyond “Local Market”:
______________________________
_______________________________
_______________________________
9. “Co-Broker Designated Agent “
landlord representation assignments in “Local Market” active and past (12 Months):
______________________________
10. “Co-Broker Designated Agent”
tenant representation assignments in “Local Market” active and past (12 Months):
_______________________________
11. “Co-Broker Designated Agent’s”
years as licensed representative:
_______________________________
12. “Co-Broker Designated Agent’s”
significant assignments:
_______________________________
13. “Co-Broker Designated Agent’s” Bio: _______________________________
Cushman & Wakefield | 23
Wednesday, February 9, 22
All information and agreements resulting from this RFI are preliminary. Syniverse or JLM Partners has no obligation to Co-Broker until a formal agreement is executed, or a written authorization to proceed is given by Syniverse. Any costs incurred by Co-Broker before the signed agreement is at the Co-Broker ’s sole expense. Syniverse and JLM Partners reserves the right to revise and/or issue addenda to the RFI. Syniverse and JLM Partners also reserves the right to cancel or to reissue the RFI in whole or in part prior to execution of a contract. We look forward to your response to the items identified in this RFI. Please respond on or before February 10, 2022. Please direct all communications to Jim McCormick. Thank you. Sincerely,
Jim McCormick Senior Managing Partner JLM Partners, LLC Tel. 410.336.6300 jmccormick@jlmpartners.net
cc: Julio Patino Director, Global Real Estate & Facilities Syniverse Technologies
Dale Schlather Vice Chairman Cushman & Wakefield New York, NY
24 | Syniverse
Prepared By Andy May Executive Managing Director +1 813 204 5305 andy.may@cushwake.com Nina Fishman Director +1 813 204 5352 nina.sullivan@cushwake.com
One Tampa City Center, Suite 3300 Tampa, Florida 33602 cushmanwakefield.com
Made with FlippingBook. PDF to flipbook with ease