Houston, TX
Franklin Bank occupied approximately 20,000 sf in its original corporate offices in the building. The premises were in poor condition due to an original sublease and multiple additions to the premises, which created an inefficient layout.
The Challenge…
With the rapid growth of the bank, the space requirement needed to double in size. Bank officials wanted to remain close to the current offices, but were extremely cost conscious. To provide the real estate expertise to identify available sites that met the space needs and coordinate the programming and space planning, focusing on buildings that provided the corporate image that the bank wanted while working within the bank’s budget. Additionally, the landlord had not leased multiple floors to one tenant and was hesitant to do so on market terms.
Solutions…
Colliers coordinated selection of the team to determine the bank’s space needs, selection of the new premises, coordination of the build-out of the premises and internal relocations of employees to facilitate the least amount of downtime in operations. Identified and negotiated a lease of 44,000 rsf in the existing building.
Results…
Franklin Bank achieved the lowest rental rate in the submarket for comparable buildings. The Premises were more than doubled to meet increased staff needs. Colliers coordinated the build-out of the premises, which involved the existing premises, minimal down time or loss of business.
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