NORWALK, Conn., Oct. 31, 2019 /PRNewswire/ -- Choyce Peterson, Inc. (www.choycepeterson.com), a full-service commercial real estate brokerage and consulting firm with a specialty in tenant representation, announced the successful completion of lease negotiations to renew the 8,200-square-foot headquarters for Keep America Beautiful at 1010 Washington Blvd. in Stamford, CT. Choyce Peterson Principal John Hannigan and Vice President Adam Cognetta represented Keep America Beautiful in the transaction.
A year before the organization's lease was expiring, Keep America Beautiful executives contacted Choyce Peterson to begin the evaluation process. As representatives of a not-for-profit organization, the Keep America Beautiful executives were focused on minimizing the organization's costs when outlining their conditions for a relocation or renewal. They sought a space that was efficient and could accommodate Keep America Beautiful's specific work configuration within a building that featured certain onsite amenities. Because the organization's employee and fundraising base requires access to New York City, walkability to the Stamford Train Station was critical. Hannigan and Cognetta led Keep America Beautiful executives and staff members on tours of buildings in downtown Stamford that met their criteria and sent proposals to several landlords, including their existing landlord.
With proposal responses in hand, Hannigan and Cognetta met with Keep America Beautiful executives to evaluate business terms and review the financial models Choyce Peterson representatives created. Several subsequent rounds of negotiations resulted in two final scenarios: one for a relocation, and the other for a renewal. Because of the superior terms and conditions contained in their existing landlord's proposal, Keep America Beautiful executives chose to remain in their space and renew their lease at 1010 Washington Blvd. The new lease addressed several issues and concerns that Keep America Beautiful staff members experienced over the years with their space. Hannigan and Cognetta successfully negotiated a long-term lease that included a below-market rental rate and structured periodic free rent. The landlord also agreed to pay for upgrades and improvements to the space. Renovations included a new and expanded kitchen, new ceiling tiles and LED lighting, fresh paint and new carpet throughout the space. Further space improvements came in the form of HVAC enhancements and a full restroom remodel, with much of the work performed outside normal business hours.
"When our clients are considering a lease renewal, we discuss problems they have with their existing space, including issues with HVAC, common hallways and bathrooms and the building itself," Hannigan said. "We develop a list of tenant concerns we request that the landlord address. We were successful in achieving positive results for Keep America Beautiful that corrected issues detailed in our negotiations with the landlord."
As a result of the new lease, Keep America Beautiful's operational overhead costs are expected to decrease.
"We were delighted to be selected as the broker for Keep America Beautiful, partnering to achieve a myriad of space objectives while ensuring real estate expenses remain in-line with the organization's annual operating plan," Cognetta said.
Keep America Beautiful executives credited Choyce Peterson's local experience and expertise for helping the organization obtain favorable lease terms. "Choyce Peterson's tenant representation process produced outstanding results for our organization," said Becky Lyons, Keep America Beautiful's chief operating officer. "John and Adam's keen insight into the Stamford office market and their tactful negotiation skills proved invaluable in obtaining extremely favorable lease terms."
The landlord was represented in house by Larry Kwiat, SVP of Leasing, at SL Green Realty Corp.
SOURCE Choyce Peterson, Inc.