<< Back

Date: January 1, 2011

Featured Deal: Robinson & Cole:
280 Trumbull Street, Hartford


Situation:  Robinson & Cole had approximately 6.5 years left on its original 15 year 143,344 square foot lease.  Rent was about to escalate significantly above market plus escalations.  In addition, the firm had a very onerous and expensive termination right to give back a floor.  The firm had a strong desire to save money immediately and have the opportunity to give back a floor but needed more time than their lease allowed to notify Landlord of this intent.

Solution:  RM Bradley was able to negotiate a new 15 year lease with Grunberg Realty which lowered Robinson & Cole’s rent to a market level, saving Robinson & Cole over  .9 million dollars over the next six years.  In addition, Robinson & Cole’s termination fee was reduced by almost 60% and the time to give notice extended to allow the firm proper time to plan.  In addition, Robinson & Cole received a refurbishment allowance to be used at their discretion.

RM Bradley:  “This deal was a win win for both Landlord and Tenant.  This blend and extend renewal allowed Robinson & Cole to significantly reduce their occupancy costs over the near term, save additional costs on termination penalties and plan properly their need to give back a floor.  Grunberg Realty was able to extend their 2nd largest tenant for 15 years, helping to stabilize the building in a weak market and better position the building for a potential refinance in 2014.”

Robinson & Cole:  “RM Bradley helped us analyze our lease portfolio in all five states where we have offices.  Our Hartford Office presented a unique opportunity.  However, we had over six years left on our lease and, given changes in the market-place, we were paying above market rents.  RM Bradley understood our objective of reducing costs while maintaining a strong relationship with the landlord.  Their creativity and deft touch helped us realize everything we wanted and more.” - Howard Shafer - CFO, Robinson & Cole LLP
 

*If you find yourself in a similar situation as the one described above, or would simply like to discuss your current situation and how we might be of help, please contact:

Andrew Filler | RM Bradley
One Financial Plaza | Hartford, CT 06103
Office: 860.241.2713
Email: afiller@rmbradley.com



We are
RM Bradley.


At RM Bradley, we combine commercial real estate expertise and comprehensive capabilities with a culture of collaboration and a responsibility to achieve our clients' goals.

To learn how we can help you achieve your real estate goals, contact one of our brokerage or property management consultants.
market reports
Year End 2014
Year End 2013
2nd Quarter 2013
Year End 2012


recent articles
Lease Transaction - Atlantic Casualty lease 2,579 square feet at 200 Glastonbury Boulevard
Sales Transaction - 561 Salmon Brook Road in Granby
Lease Transaction - iStar Financial and Merrill Lynch have both renewed their leases at 180 and 200 Glastonbury Boulevard respectively
Lease Transaction - JCJ Architecture has signed a lease to take 18,593 square foot in the Colt Gateway project in Hartford.
Lease Transaction - Big Mouth Toys has signed a lease to relocate and significantly expand their headquarters operation at 655 Winding Brook Drive in Glastonbury
Lease Transaction - CNA Insurance Company has leased a total of 14,913 square feet in two transactions at 200 Glastonbury Boulevard in Glastonbury
Fagone of RM Bradley elected Board Chairman of BOMI International
Sales Transaction - Powder Forest Business Park
Lease Transaction - The Hartford Parking Authority (HPA) has leased the entire 2nd floor of 11 Asylum Street to house their headquarters.
RM Bradley Welcomes New Property Management Clients
Lease Transaction - Connecticut Ear, Nose and Throat Associates, PC relocated their headquarters from 85 Seymour Street in Hartford to 990 Silas Deane in Wethersfield.
Sales Transaction - Antonio's LLC purchased 1225 Hopmeadow Street in Simsbury.
Sales Transaction - Fiber Dust LLC purchased a 44,000 square foot building on New Road in Cromwell
Sales Transaction - Big Y Foods Inc. purchased a 7 acre site on Hopmeadow Street
Lease Transaction - Community Solutions, Inc. (CSI) has signed a 16,715 square foot lease to move their headquarters to 340 West Newberry Street in Bloomfield Connecticut.
Lease Transaction - Benistar relocated its headquarters from Simsbury into 13,638 square feet at 10 Tower Lane in Avon, Connecticut.
Sales Transaction - 1276 Hop LLC purchased a 1,182 square foot office building for $185,000
Muse Paint Bar Signs Lease at Blue Back Square in West Hartford
Sales Transaction - Chestnut Hill Associates of Simsbury purchased the former Webster Bank building at 690 Hopmeadow Street in Simsbury
Historic Old Avon Village Sells to Local Real Estate Investment Group
RM Bradley relocates NAMI Connecticut to 576 Farmington Avenue in Hartford
ReSet signs lease at 99 Pratt Street
SIMSBURY BANK RELOCATES HEADQUARTERS TO ACCOMMODATE GROWTH
Hartford Firefighters Association Purchases Downtown Office Condo
RM Bradley Represents Sale of Downtown Hartford Office Building
Axinn Veltrop & Harkrider Renew at 90 State House Square
Three Building Portfolio Sells on Pitkin Street
CCMC Expand Administrative Offices
CCMC Purchases Site on New Britain Avenue
Dorset Crossing Development Update
Somers Industrial Building Sells
Dorset Crossing Groundbreaking in Simsbury
October 2011 Highlighted Deals
CCMC Signs Lease for Data Center
Mental Health Associates Move to West Hartford
CCMC Moves School to New Britain
Conning Renews at Gold Building
CCMC Group Relocates to East Hartford
Robinson & Cole Renews