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Herald-Tribune | Sarasota, FL
Size: 30,000 SF
Sector: Media/Newspaper
Service: Tenant Representation
Over $7 million saved for the largest newspaper company in the world.
The Need
BellCornerstone was hired by GateHouse Media on behalf of Herald-Tribune. Herald-Tribune worked with local brokers to search for options in the market. Unable to find anything, they were about to sign a 15-year lease renewal with minimal tenant improvement allowance, no free rent, and no option to terminate.
The BellCornerstone Approach
BellCornerstone conducted a legal review of the lease renewal and discovered unfavorable deal terms, lease language, and rent charges. BellCornerstone launched an immediate telecommunications campaign to identify options that were not on the market. The campaign found three legitimate relocation options which created a competitive bidding environment.
The Result:
Herald-Tribune found a new home, executed a 10-year lease with both termination and renewal options, parking for all employees, over $1 Million in tenant improvement allowance, and 6 months of free rent. The total deal savings were more than $4.7 Million over the initial ten years, and approximately $7.9 Million over fifteen years.
"GateHouse Media engaged BellCornerstone as a vendor for the review of a single transaction in Florida. BellCornerstone's recommendation & creative solutions directly resulted in saving millions of dollars, reducing term, and right sizing our operation. BellCornerstone now represents our portfolio nationwide and is considered among our most trusted advisors."
