Region: Minneapolis
Services Provided: Tenant Representation, Labor Analytics, Workplace Strategies, Financial Analysis, Lease Negotiation, Move Management/Town Hall Meeting
Size: 55,000 SF
CHALLENGE
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DCM’s office lease of approximately 52,000 square feet was due to expire in 18 months at the Best Buy Campus in Richfield, Minnesota.
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DCM’s space was outdated and inefficient, and they also were concerned with the experience they were offering their employees at the office as they were in a 2-star building.
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DCM sent out an employee survey, and most employees wanted to work remotely.
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DCM was looking to expand by 20,000 square feet.
RESULTS
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DCM moved into a 4-star building experience at 1550 American Boulevard in Bloomington vs. the 2-star building experience at their previous location.
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With diligent architectural planning, DCM accommodated their entire firm while offering room for additional employees in 55,000 square feet vs. expanding to 70,000 square feet at their current building.
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To get buy-in from DCM employees, Jim, and his team implemented a change management plan by hosting a town hall meeting at their new space with their project manager, architect, landlord, property manager, and general contractor to answer any questions they may have about the building, parking, mass transit, security, building services and amenities, etc. After the meeting, DCM employees were very excited about their new location and building.
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The team found a building with a lot of vacancy which the building owner wanted to sell. Jim showed the building owner how they could sell after doing the lease with DCM. The lease was a negative net deal to the landlord after deducting all leasing costs such as free rent, improvement allowance, private patio and many base building upgrades.
SOLUTION
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After carefully reviewing the needs of the company, Jim put together a team including a project manager and architect to begin the process of identifying a solution for DCM.
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Jim and his team thoroughly surveyed the market for space options that would accommodate their continued growth and enhance their employees’ experience in the office.
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Knowing the current landlord was not offering enough in allowances to properly enhance the space, Jim and the team searched for a location and building that would entice employees to want to come into the office.