General Finance Corporation
9,000,000 sq. ft.
AccountLease completes initial implementation of ASC 842
LPL Financial
Client
- LPL Financial
- 415,000 sq. ft.
- Financial Services
Locations
- San Diego
Services Provided
- Transaction Management
- Consulting
- Project Management
Cresa Team
- Don Mitchell
- Glenn Friedrich
- Matthew Feeney
- Brant Bryan
Client Objectives
- After years of regional growth LPL Financial had its San Diego operations spread across seven different sites
- With the majority of their leases set to expire LPL Financial determined it was time to create a more efficient office environment by bringing all seven sites together under one roof
- The client desired a state-of-the-art campus that would provide all of its employees with an optimal working environment and technology
Results
• Cresa team members from San Diego, Philadelphia and Dallas combined resources to analyze all relevant qualitative and quantitative factors• Cresa was able to create a highly competitive environment among the short-listed landlords and developers which allowed Cresa to negotiate short-term lease extensions on six of LPL’s San Diego sites
• The additional time allowed LPL Financial to pursue its ideal scenario – a 415,000 square foot build-to-suit opportunity
• Cresa finalized a 15-year lease for 415,000 square feet upon terms that were 14% better than any of the other proposals, resulting in savings to LPL of approximately $30,000,000
• Cresa’s Project Management also managed the construction of the tenant improvements and the relocation
We wanted an office that mirrored our reputation: distinguished, professional and high-quality. From the beginning, Cresa understood our business objectives and what we wanted to achieve. Thanks to them we’ve achieved a substantial increase in the space at our site and are well on our way to buying our future home
LPL Financial
