Challenge
The University of Phoenix (U of P), a Fortune 500 provider of higher education programs, changed its protypical facility configuration to accommodate increased online attendance and the demand for more common area facilities. U of P needed to deploy its new business model to provide smaller facilities on a more geographically dispersed basis. Allegro was engaged to help U of P restructure its Northeast Ohio portfolio.
Solution
Allegro helped U of P to assess its space needs and location criteria to determine that it needed to expand its geographic reach with locations that would have regional access, necessary parking supply, and the ability to have flexible hours of operation. Allegro facilitated three lease transactions in place of the prior two locations in the Northeast Ohio market. In the western submarket, Allegro conducted market research and helped U of P negotiate and open a new campus in a high profile mixed use environment, which was U of P’s first endeavor in a lifestyle center, followed by others nationally. In the southern submarket, Allegro successfully restructured U of P’s existing lease in a high profile high-rise office tower, which enabled the client to reduce its space by half while negotiating a substantial reduction in occupancy costs per square foot coupled with significant landlord funded tenant improvement. In the eastern submarket, Allegro similarly restructured the regional headquarters location, including tenant improvements to retrofit the space to the new concept.
Allegro continues to provide needs assessment, lease negotiation, and site selection services to U of P.
