ECR was first hired by Jobs2Careers in 2013 to serve as its commercial real estate brokerage firm to help find a short-term office solution for their rapidly growing company.
The initial requirement was for 10,000 SF of Class A office space. At the time, they were unsure of the future pace of their growth and due to ECR’s recommendation, decided to pull back the square footage and incubate within a sublease for 18 months until the future became more clear.
Their goal was to eventually locate in a premier, Class A office space that provided them a “leg up” when recruiting top talent.
Jobs2Careers needed to hire an aggressive brokerage team who could bring strategy in the form of fresh ideas, quick action, and dedicate the time and focus required to stay ahead of a rapidly changing office space and rate environment.
Further, Jobs2Careers required protection of their ability to grow within the building they occupy, rights which are not easy to secure.
Strategy
ECR developed a leasing strategy by fully understanding growth projections and target dates to be met. This strategy protected Jobs2Careers bottom line on the front end, investing their money instead where it counts – recruiting and retaining top talent. The strategy consisted of the following goals and objectives:
Locate an interim space that provided the ability to be flexible both in length of term and in size.
Stay informed of market conditions, rising leasing rates, tightening availability, and many new construction opportunities that would provide the environment they are looking for.
Create a competitive environment in which Landlord’s aggressively pursued their tenancy even though the market was in the Landlord’s favor.
Secure a premier, Class A space that will serve as Jobs2Careers headquarters and provide for expansion rights as they continue to grow.
Results
Due to ECR’s deep experience in Tenant Representation, we were able to combine two clients’ needs at the same time – one with a need to downsize, but share space, and Jobs2Careers’ needs to grow with flexibility – an example of true partnership and going beyond to service our clients.
The sublease was flexible in terms of providing Jobs2Careers a wonderful environment to grow in, with lobby exposure, and gave plenty of time to identify their future headquarters.
Through our strategy and effort, ECR created a competitive environment between landlords, executed an extensive market and financial analysis, and was able to leverage deals against one another to seek out the best economics for our client.
Ultimately, we were able to secure 13,500 SF with expansion rights as the first tenant in Champion Office Park. This allowed our client to custom design both interiors and common areas which included over 9,000 SF of exterior private patios.
Not less than one year after moving in, Jobs2Careers expansion rights were triggered by a single-tenant taking the remainder of the building. The expansion (and immediate sublease) were essential to keeping a cohesive working environment for up to 180 employees.
It was through meticulous planning and execution of the original strategy that Jobs2Careers now occupies the highest rated LEED Certified, Class A building in the submarket serving as the office space they dreamed of when only three employees.
