Challenge
The NRP Group, a national apartment developer, general contractor, and property manager, was outgrowing their 23,000 sq. ft. headquarters building it owned in Garfield Heights, Ohio. NRP engaged Allegro for guidance in determining whether they should expand in their current location, which it had already done five years prior, or relocate to a new location.
Solution
Because of NRP’s desire to attract a national employment base, it quickly became apparent that moving downtown would be more advantageous from a business and financial perspective than expanding the Garfield Heights building. Once a decision to move downtown was determined, Allegro undertook a complete tenant representation process identifying and negotiating different options. Upon completion of this thorough process, NRP decided to lease 43,000 sq. ft. — an entire floor — in the Halle building, strategically located between Playhouse Square and the Gateway District. Allegro was able to secure extremely favorable terms and navigate challenging negotiations due to the building’s recent conversion to mixed-use. The result allowed NRP to build out a state-of-the-art office that supports their current needs and future growth.
Upon finalization of the downtown lease, NRP engaged Allegro to dispose of the Garfield Heights property. In addition to the building having a unique custom buildout with a significant number of perimeter offices that limited the potential pool of suitable buyers, it was also located in a non-traditional office market. Allegro leveraged the building’s high-quality construction and central location with highway access to attract several offers after taking the property to market, ultimately selling the property to an insurance company relocating from Akron, Ohio.
By capitalizing on industry knowledge and expertise, Allegro identified an office space that met the client’s needs, and disposed of a property that no longer supported their long-term goals.
