Date: March 1, 2011

Featured Deal: Conning:
One Financial Plaza, Hartford


Situation:     Conning & Company had approximately 4 years left on its original 10 year lease at One Financial Plaza.  Both the Tenant and Landlord had a significant investment in the build-out of the space.  Conning was happy in their space but was looking to lower the rising operating expenses and real estate tax escalations that had increased their overall occupancy costs.  The Landlord had recently renegotiated several leases in the building but still had a substantial lease rollover exposure in 2015.

Solution:    RM Bradley was able to negotiate a 3 year lease extension which provided significant upfront savings to Conning & Company and immediate tenant improvement dollars for work to reconfigure or refurbish the space.  In addition, Conning was able to increase their expansion options to provide flexibility for growth.  The Landlord was able to renew the 3rd largest Tenant in the building to lessen their releasing risk.

RM Bradley:     The blend and extend renewal allowed Conning & Company to immediately reduce their occupancy costs and provide tenant improvement dollars to make changes to the space without having to commit to a new 10 year term.  The Landlord, Talcott II Gold, LLC was able to secure another tenant for 7 years and mitigate their lease rollover risk.
 

*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:

Scott Macbeth
Office: 860.278.2040
smacbeth@rmbradley.com

Andrew Filler
Office: 860.241.2713
afiller@rmbradley.com