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Davita, one of the leading providers of kidney and dialysis services in the nation. recently renewed and extended their office space lease for 15,513 square feet for their Southeast Regional office at 50 Glenlake Parkway. They were represented in this commercial real estate transaction by The Armstrong Group, an Atlanta based office tenant representation firm. The Armstrong Group successfully negotiated an “extend and blend” office space lease which allowed Davita to continue to operate in their current location while receiving aggressive financial incentives from their current landlord.
Davita started to explore relocation options more than two years before the original office space lease was set to expire. Their first step in the process was to contact Brent Armstrong at The Armstrong Group. ” I had worked with Brent before and found him to be experienced, hardworking andhe knew the Atlanta market inside and out.” said Bob Perraud, Division Vice President with Davita.” I also knew that Brent would be honest and direct with me about the best solutions for our company. “
After thoroughly reviewing Davita’s office space lease, touring five competitive buildings and conducting several extended meetings with the landlord, Brent Armstrong suggested renewing and extending the current lease. The negotiated new extend and blend office space lease was advantageous to both landlord and tenant. In this new lease, Davita will significantly reduce their overhead costs through reduced office space rental and operating expenses for the next eleven years.
What made this a great deal was that it benefited both parties. The owners of 50 Glenlake Parkway will benefit from a stable rent roll for many years, which as a publicly traded company, is very important to their investors. “ We are extremely pleased that Davita has renewed their office space lease with us and look forward to continuing our relationship with them for many years.” said John Grimsley, Senior Leasing Representative with Highwoods Properties. “Brent Armstrong was extremely helpful and instrumental in the completion of this transaction”
“ There were many office buildings within a two mile radius of our current building that offered aggressive incentive packages but we were able to substantially reduce our costs and not have to relocate.” Said Perraud. The overall savings for Davita will be approximately 20%. And Davita does not have to wait until next October to start seeing the financial benefits of this new lease. Davita started paying lower rental rates the same month the lease was signed and the negotiated tenant improvements have started as well. The restructured lease includes provisions that rapidly accelerate savings in the first 2.5 years of the lease.
For more information on the advantages of an Extend and Blend office leasing program, please visit The Armstrong Group website or call Brent Armstrong at 770-664-7550.
About The Armstrong Group
The Armstrong Group (thearmstronggrp.com), founded in 1996 by Brent Armstrong, is an Atlanta-based commercial real estate broker firm that helps businesses find office, retail and industrial space that meets their present and future needs. Primary services include office tenant representation, real estate consulting and development with a specialization in strategic transaction management. Brent Armstrong's negotiating experience and focus on building sustainable relationships by understanding a client's commercial real estate objectives, includes a personally selected team of professionals -- aligning expertise with the specific needs of each individual assignment. The Armstrong Group has worked with well-known companies such as Delta Air Lines, Digital Insurance, LSG Sky Chefs and Worldspan.
About DaVita, Inc.
DaVita, Inc. (davita.com), a Fortune 500® company, is a leading provider of kidney care in the United States, delivering dialysis services to patients with chronic kidney failure and end stage renal disease. DaVita strives to improve patients’ quality of life by innovating clinical care, and by offering integrated treatment plans, personalized care teams and convenient health-management services. As of June 30, 2012, DaVita operated or provided administrative services at 1,884 outpatient dialysis centers located in the United States serving approximately 149,000 patients. The company also operated 19 outpatient dialysis centers located in four countries outside the United States. DaVita supports numerous programs dedicated to creating positive, sustainable change in communities around the world. The company’s leadership development initiatives and social responsibility efforts have been recognized by Fortune, Modern Healthcare, Newsweek and WorldBlu.
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