Savills Leverages Alternative Location and Saves $400,000 in Lease Renewal for Law Firm
Founded in 1953, Danning, Gill, Diamond & Kollitz, LLP is a California limited liability partnership made up of several professional corporations. The firm engages in the practice of law with an emphasis on debtor-creditor relations, bankruptcy, and reorganization matters, and its principal office is located in Century City, California.
Savills was retained 18 months prior to the firm’s lease expiration to explore the possibility of extending its lease and lowering its financial obligation. At that time, a significantly disruptive 790,000 square foot building project was underway adjacent to Danning Gill. The noise from the development was preventing the firm from conducting its practice in over one-third of its space. Savills identified an alternative location in Century City that would provide space immediately, with a concession of 14 months of free rent to offset the firm’s remaining lease obligation.
The leverage provided by the alternative location induced the existing landlord to reduce the firm’s occupancy costs, resulting in almost $400,000 in savings. Savills also negotiated a tenant improvement allowance to retrofit the firm’s existing space.