Savills Negotiates Flexible Terms in Lease Renewal for Answer Financial Inc.
Answer Financial Inc. is a leading financial services organization dedicated to helping people become more sophisticated insurance services consumers. Answer Financial provides a comprehensive range of products and services specifically designed to simplify the insurance-buying process and assist consumers in making informed decisions. Answer Financial’s services cover auto; home; life; health; long-term care; pet insurance; annuity products; home warranty; vision plans; online banking; discount prescription plans; and travel protection.
Answer Financial was subleasing approximately 40,000 square feet from Pinkerton Securities at a rate that was 50 percent over the prevailing rental market. With a lease renewal as a backup strategy, Savills secured a single-story project as an alternative, with free parking to accommodate Answer Financial’s heavy parking requirement of 250 cars.
Using the single-story alternative to motivate the existing landlord, Savills secured a beneficial renewal rental rate, 66 percent free parking, a favorable termination right, and monument signage. These concessions outweighed the appeal of the freestanding building after consideration of relocation costs and business disruption.