Mullin TBG - National Executive Benefits Company

THE CHALLENGE:
• Positioning company for sale and wanted to maximize profitability
• Significant amount of excess space
• Above market rent
• Lease until 2012
• Wanted to remain in current space

THE APPROACH:
• Structure lease to reduce costs for the balance of the lease term
• Dispose of excess space
• Create leverage when tenant did not want to relocate

THE RESULTS:
• Negotiated lease renewal 3 years prior to lease expiration
• Reduce remaining term rent by 60%
• Secured additional $450,000 concession
• Gave back 25% of space to landlord with no penalty