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Bassford Remele

Region: Minneapolis 

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Services Provided: Tenant Representation, Financial Analysis, Lease Negotiation

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Size: 35,000 SF 

CHALLENGE

  • Bassford Remele occupied outdated and traditional space at one of the iconic downtown buildings in Minneapolis.

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  • Footprint was inefficient, as they had numerous, oversized partner offices on the exterior windows, larger than industry standard workstations, and their work environment and physical space needed a resurgence.

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  • Bassford Remele tasked the team with finding a solution that would save them money while improving the corporate culture at a building with a high-end image for their law firm.   

SOLUTION

  • The team took the Bassford Remele real estate team on a field trip to tour other Minneapolis law and professional services firms’ office spaces to see how office space is evolving and to view how other firms are attracting and retaining talent with their workspace.

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  • The team, knowing the market options and what landlord’s would get aggressive with to attract Bassford Remele to their buildings, was able to create a substantial amount of competition and negotiating leverage for his client.

RESULTS

  • Bassford Remele relocated to Fifth Street Towers, a 5-star "tenant experience" ranked building, which far improved their previous building's 3-star rating.

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  • While keeping its footprint the same size, Bassford Remele reduced its annual real estate costs by over $1.5 million over the lease term compared to its previous building.

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  • The law firm moved in on time and below budget, reaching the two main goals from project kick-off to final move-in.

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  • Bassford Remele's new space was featured in the Minneapolis-St. Paul Business Journal's "cool offices" for its colorful reception area, collaborative work areas, relaxing employee lounge, and total rebranding compared to their previous location. Their new space has been a large tool for recruiting and retaining employees.

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  • In 2024, Jim was further able to reduce Bassford Remele's office expenses by leveraging the termination rights that he initially negotiated in the original lease.

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