Roku - 19,000 SF
19,000 sq. ft.
Roku - 19,000 SF
Jeffer Mangels Butler & Mitchell
Client
- Jeffer Mangels Butler & Mitchell
- 70,000 sq. ft.
- Law Firms
Locations
- Los Angeles
Services Provided
- Transaction Management
Cresa Team
- Jeffrey Mintz
- James Travers
Client Objectives
In 2022, Cresa finalized a right-sizing long term transaction to reduce JMBM’s footprint from 90,000 rentable square feet to 70,000 rentable square feet and complete a major renovation to house the same number of employees in 20,000 square feet less, while achieving significant occupancy cost savings and operational efficiencies to address the changing ways law firms conduct business.Additionally in 2022, we renewed JMBM’s lease long term at Jamboree Center in Irvine for 15,000 rentable square feet.
In 2010, Jeffer Mangels had 2 years remaining on lease, concessions had burned off and rental rate was higher towards the end of their lease. Cresa went to their landlord to restructure existing lease early knowing that they did not want to lose its largest tenant in a soft market environment. Additionally, we knew Topa was refinancing the building, which also made it critical to retaining JMBM. Cresa has negotiated all of Jeffer Mangels’ leases from 1986 to 2019.
Results
• According to banking sources who track law firm occupancy cost, Jeffer Mangels has one of the lowest overall occupancy costs in the legal industry• In 2011, negotiated $9 million in total concessions with $3.3 million rent savings in first 2 years of restructured 12-year lease
• No Personal Guarantees, modest Letter of Credit with rapid burn off
• Put back right of 10,000 SF for further flexibility
