Case Study

Mintz, Levin, Cohn, Ferris, Glovsky & Popeo

Background

Mintz Levin, who occupies approximately 20% of the office space at One Financial Center, also occupies the building’s highest and most valuable floors. Mintz Levin had a lease set to expire in June 2014 and engaged Colliers International three (3) years prior to that date to advise them on their pending real estate decision.

The Challenge

The main challenge Mintz Levin and Colliers faced was the limited number of Class A, large block options available despite an overall Boston market vacancy rate of 16.3%. In order to maximize Mintz Levin’s leverage in the marketplace, Colliers evaluated all possible real estate solutions that could accommodate Mintz Levin, including: existing vacancies, future 3rd party tenant lease expirations, building rehabilitation projects, new development opportunities and even Cambridge and suburban creative alternatives. With an exhaustive market analysis finalized, Mintz Levin and Colliers then executed a renew vs. relocate strategy focused on economics, efficiency, lease flexibility and building infrastructure.

Results

The Managed Competitive Process executed by Mintz Levin and Colliers narrowed the potential real estate solutions to four (4) viable options: a lease restructure at One Financial Center, a relocation to an existing vacancy, a relocation to a space then occupied but identified by Colliers as future availability (a viable option made possible by the timing of Mintz Levin’s process) and a new development opportunity. With a clear understanding of an agreed upon set of goals and objectives, Colliers negotiated a lease restructure at One Financial Center that saved Mintz Levin $15 MM over the term of the lease. The results achieved provided Mintz Levin with maximum lease flexibility, favorable economics, efficient space planning and a first class image that aligned the firm’s real estate with its business plan through 2019.

One Financial Center
Boston, MA, USA

Team
Boston Brokerage 

Statistics
Size: 244,755 RSF
Floors: 4, 6, 38-43, 45 & 46

Services Provided
Tenant Advisory

Boston