Banta Corporation, engaged in international printing and technology services, leased an industrial facility in Seattle, Washington, that was deemed to be excess property resulting from a business acquisition. The objective was to mitigate its liability under a lease of this facility.
Allegro provided services including: an overview analysis of the facility and local real estate market; identification, screening and selection of a local real estate broker; negotiation of the broker listing agreement; supervision of the marketing process; comparative analysis of alternative sub-lease proposals, and negotiating a final sub-lease agreement. The advice and guidance enabled the corporation to react promptly and confidently throughout the marketing and negotiation process. As a result, favorable business and economic sub-lease terms were negotiated, recapturing a substantial percentage of remaining lease liability at the time of facility closure – well exceeding client expectations. In addition, a negotiated reduction in brokerage fees offset ongoing consulting fees with the client. Allegro has successfully completed similar engagements for this client in Chicago, Irvine, Provo and Sacramento. For a decade, the principals of Allegro provided service to this company’s diverse real estate portfolio, comprised of approximately 75 facilities, over 1,000,000 sq. ft. in 35 states and as many as 15 projects each year.