Success Stories

Faegre Baker & Daniels, LLP

Boulder, CO
32,854 SF
Cresa Denver
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Client Objectives

Faegre Baker & Daniels (“Faegre”), a top 25 national law firm based in Minneapolis, MN, signed a 20 year lease for a 32,548 sf single-tenant office building in Downtown Boulder, CO. However, with over 5 years remaining on its lease, Faegre was not utilizing 40% of its office space. It is estimated that Faegre was spending over $365,000 on office space that it was not using. In addition, the current facility did not project a modern and sophisticated image, and the building design did not provide efficient floorplates for Faegre. 
 

The main objectives for Faegre were as follows:

  • Substantially reduce occupancy cost via a sublease or assignment of its lease
  • Upgrade image
  • Optimize workflow and space efficiency


Strategies: 

  • Sublease / Disposition of Current Space
  • Assignment of lease to targeted prospects
     

Cresa Team Members

Results

Within 30 days of being retained by Faegre to assist in the disposition of the 1900 15th Street facility, Cresa Denver was able to identify a full building user that eventually assumed the lease from Faegre. The cost recovery for Faegre was 69.50% of its remaining lease obligation. The assignment of the lease allowed Faegre to relocate to a smaller, more efficient space that provided a Class AA image in Downtown Boulder.

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