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Size: 124,000
Transaction: Lease/Change of Use and Major Renovation
  • SDG&E had been leasing 97,000 square feet in a high rise office building adjacent to its corporate headquarters in downtown San Diego for the past 10 years.

  • SDG&E had a $1 million communication system linking the two buildings.

  • SDG&E required flexibility, a lower rental rate and desired to remain in their existing space.

  • SDG&E's long term tenancy and previous discussions with their landlord led to the landlord's belief that SDG&E had no option but to renew the lease.
  • A special "'task force" directed by Goldman Ferguson Partners was established utilizing various members of the real estate department and SDG&E management.

  • Goldman Ferguson Partners developed a specific negotiating strategy which utilized proposals from suburban locations and formal presentations by all competing developers including the existing landlord.

  • The I year negotiations by Goldman Ferguson resulted in a savings of more than $1.7 million to SDG&E from the landlord's original offer.

  • Ultimately the lease rate Goldman Ferguson Partners negotiated in the existing building was almost $1 million less than the best suburban building proposal.

  • Maximum flexibility was achieved through a negotiated shrinkage clause allowing SDG&E to give back space no longer needed during the term.