Challenge
Grant Thornton, the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax, and advisory organizations, was located in a downtown Cleveland office space which no longer met the needs of its employees nor the high image and standards that the firm strives to maintain. Grant Thornton engaged Allegro to guide them through the process of procuring a new office location better aligned with its real estate objectives.
Solution
Allegro worked with Grant Thornton’s management team to identify and prioritize the key criteria driving the firm’s real estate decision, including landlord stability and an upgraded professional image. After evaluating downtown and suburban options identified by Allegro, Grant Thornton determined that a downtown setting was critical to maintaining close connections with current and future clients, and was more attractive for recruiting new talent. Allegro conducted multiple client tours in conjunction with Grant Thornton’s architect and sent customized requests for proposals to the preferred options. Upon receipt of the proposals, Allegro developed a comprehensive financial analysis that created meaningful leverage in negotiations with each of the short-listed landlords.
Grant Thornton was able to capitalize on the leverage created and the market conditions to negotiate a below-market deal for a new space aligned with the firm’s upscale image. Grant Thornton now occupies a full floor in a Class A office building, providing a highly functional layout in a footprint that was reduced by almost 20%. Grant Thornton’s new office presence along the major corridor of downtown Cleveland communicates the firm’s sustained commitment to the city’s core and contribution to the revitalization of Cleveland’s central business district.
