PREMERA BLUE CROSS
Everett, WA
Tenant Representation
Transaction Size: 20,000 Sq. Ft.
The Situation
Premera had launched a new service line and needed to quickly secure a 20,000 square foot location to house the new entity offsite its main campus. The project needed to launch within a 120 day period. Budget constraints dictated that Premera invest a minimum dollar amount in tenant improvements. Also, because the service line was a new enterprise, their facility strategic plan required a relatively short-term lease. The combination of these three constraints, along with Premera's desire for the most cost effective lease rate, made economics and timing the two driving forces for this project.
Our Solution
We quickly delivered a comprehensive market survey and short listed the most qualified properties. Letters of intent were secured on the two top properties. We leveraged the immediacy of the transaction and Premera's signature power to achieve a five year lease with turnkey tenant improvements at a lease rate that saved Premera $229,000 over the term of the lease. In order to speed up the process, we coordinated lease comments between the operating unit, legal department, and landlord. The transaction was completed on time, meeting Premera's deadline.