Challenge
Century-old law firm Spieth Bell McCurdy & Newell has been a retained client of Allegro since 2013. In March 2016, they merged with Schneider Smeltz Ranney & LaFond, another firm founded in the 1800s, to form Schneider Smeltz Speith Bell. The newly formed firm sought a 20,000 square foot space that would provide a fresh start and accommodate the combined group.
Solution
Initially, Allegro considered the spaces in which each firm was already operating and looked at opportunities within each of their buildings. After performing due diligence, Allegro determined that in order to minimize out of pocket expenses, neither space proved a viable option. Allegro went to market to identify relocation opportunities and ultimately identified a 19,000 sq. ft. space within One Cleveland Center. Allegro guided the client through the due diligence process and hired an architect to evaluate the property and draw up plans. The firm recently moved in and the group is thriving in the new space.
Though Spieth Bell McCurdy & Newell had the right to terminate their existing lease, Schneider Smeltz Ranney & LaFond did not. Allegro is currently in the process of marketing their space for sublease and is working on a buyout plan with the landlord in order to minimize the financial impact of the relocation.
