Savills Achieves Rent Reduction for Philadelphia Firm EwingCole in Lease Renewal
EwingCole is an architectural, engineering, design and planning firm that employs more than 300 professionals. A previous Savills client in Philadelphia, the firm faced the expiration of its nearly 80,000-square-foot headquarters office lease in Philadelphia's unique Federal Reserve Bank building, which EwingCole designed.
Savills identified a handful of potential alternatives suitable for EwingCole, which required a one or two-floor solution to support and accommodate its open, collaborative culture. Through site tours and building-systems evaluations, EwingCole selected one relocation option to pursue, as well as the renewal option in its existing building. Detailed financial modeling enabled EwingCole to examine the total cost of the two alternatives on an apples-to-apples basis.
By leveraging a series of proposals from the relocation alternatives, Savills achieved a very competitive renewal offer from the existing landlord, the Federal Reserve Bank, that included a reduction in rent, free parking, and improvement concessions. In addition, Savills third-party involvement allowed EwingCole to drive this competitive deal without compromising the relationship with its landlord.