Challenge
Fox Sports was looking to consolidate its Fox Sports Ohio and Sportstime Ohio locations into an office, studio, and production space in downtown Cleveland, Ohio. The client needed a space suitable to accommodate the very unique technical and physical requirements of a studio and production space (24/7 cooling, an extraordinary amount of parking, non-standard ceiling heights, above average utility requirements, broad signage rights, etc.) that was in the central business district and in close proximity to the Cleveland sporting venues.
Solution
Allegro acted as the exclusive tenant representative for Fox. Allegro worked closely with the Senior Vice President and her entire team, as well as the local Fox Sports Ohio business unit in order to first understand the key drivers and underlying objectives. Allegro helped Fox develop a strategy, as the Fox Sports Ohio and Sportstime Ohio locations were in two different markets and had two different lease expirations. Allegro explored every viable option including built-to-suit opportunities, proposed projects, and existing buildings. After filtering through all options, Allegro worked with Fox to draft a Request for Proposal that was submitted to the short list of potentials. Allegro not only managed negotiations, but assisted counsel in drafting the lease.
Allegro leveraged its market knowledge and relationships with developers, architects, landlords, and the City of Cleveland to come up with the best solution for Fox Sports. In January 2015, a 30,789 square foot lease was finalized at 200 Public Square. The studio and production space is located on 10,890 square feet on the 2nd floor atrium while the office space is located on the 25th floor. Allegro was also able to aid the client with local architect and contractor selection and oversight of the construction process. Allegro was able to secure an incentive package for the client from the City of Cleveland, as new jobs were being brought into the city as a result of the deal. This helped ameliorate the substantial spend of relocation.
Ultimately, Allegro was able to meet unique economic, technical, and physical requirements in order to assist Fox Sports in identifying a creative solution that provides them with an extremely visible and high profile location.
