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Robinson & Cole, Hartford, Connecticut
In the Spring of 2010, RM Bradley was hired to help Hartford law firm Robinson & Cole manage their office lease portfolio encompassing 7 locations, over 250,000 square feet, and annual rents of over $5.5 million dollars. Looking for opportunities to achieve rent savings for Robinson & Cole immediately, RM Bradley quickly engaged Grunberg Realty, Robinson & Cole’s largest landlord, occupying over 144,000 square feet, in negotiations to restructure its lease in Hartford CT. At the time, Robinson & Cole had approximately 6 years left on their initial 15 year lease. Their rent had escalated to almost $6.00 above market and was set to escalate again in 2011. After several months of negotiations, RM Bradley was able to structure a new 15 year lease at rental rates set back to market, saving the firm over $6.5 million. In addition, RM Bradley was able have the Landlord restructure very onerous contraction rights that were very important to Robinson & Cole, enabling the firm to better plan their strategy for their space needs going forward.
RM Bradley continues to work closely with Robinson & Cole having successfully negotiated lease renewals in two other locations with ongoing negotiations in three others.
In the Spring of 2010, RM Bradley was hired to help Hartford law firm Robinson & Cole manage their office lease portfolio encompassing 7 locations, over 250,000 square feet, and annual rents of over $5.5 million dollars. Looking for opportunities to achieve rent savings for Robinson & Cole immediately, RM Bradley quickly engaged Grunberg Realty, Robinson & Cole’s largest landlord, occupying over 144,000 square feet, in negotiations to restructure its lease in Hartford CT. At the time, Robinson & Cole had approximately 6 years left on their initial 15 year lease. Their rent had escalated to almost $6.00 above market and was set to escalate again in 2011. After several months of negotiations, RM Bradley was able to structure a new 15 year lease at rental rates set back to market, saving the firm over $6.5 million. In addition, RM Bradley was able have the Landlord restructure very onerous contraction rights that were very important to Robinson & Cole, enabling the firm to better plan their strategy for their space needs going forward.
RM Bradley continues to work closely with Robinson & Cole having successfully negotiated lease renewals in two other locations with ongoing negotiations in three others.
"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 marketplace, 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 wanted and more."
Howard Shafer – CFO, Robinson & Cole, LLP
Howard Shafer – CFO, Robinson & Cole, LLP
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