Corporate

Realty

Consultants

Progressive Insurance - Greensboro/Winston-Salem, NC

Building Type:   Office

Sq. Ft.:              6,000

Saved $:           $180k

Tenant Representation

Copyright - Corporate Realty Consultants - 2010

Situation:

CRC was given two, 6,000 sq. ft. assignments simultaneously in two adjacent markets: Winston-Salem and Greensboro, NC.  After thorough market research and due-diligence work, CRC provided Progressive with complete market reports.  Later, Progressive changed the geographic boundaries of the sites search to better separate the distance between their two offices. 

CRC revisited both markets and completed two totally new reports.  In Greensboro, Progressive chose a Landlord and property that CRC couldn’t recommend based on both observation and the gathering of local intelligence.  CRC advised the client to consider a newer building, further to the east that promised an aggressive REIT landlord and high growth surroundings. 

Results:

By continuing to negotiate both properties, CRC was able to secure Progressive’s first choice under terms that protected Progressive from a potentially negligent landlord.  CRC secured tertiary market prices and deal terms for a primary market location.  In Winston-Salem, Progressive did choose the “tertiary” location, achieving both substantial savings and, at the same time, far superior facilities.