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