Profile: G&S Research, now MarketVision Resarch, is a rapidly growing pharma market research company, was located in three different buildings and occupied approximately 10,000 square feet of office space when the firm’s founders engaged Carmen Commercial Real Estate to help the company solve the issue of managing their growth.
Challenge: The objectives the company founders set out to meet were to consolidate operations within an office building that would allow the company to grow for the next 7-10 years in a business park that provided amenities for the company’s employees and positioned the firm to attract new talent to meet the firm’s growth.
Strategy & Solution: After completing a demographic analysis of the residences of G&S Research’s employees, Carmen focused on business developments that would minimize their risk of losing employees following relocation while providing the environment and amenities G&S desired. CARMEN identified buildings within each of the targeted developments that would meet the company’s needs.
Through negotiation, Carmen procured lease terms for G&S that met its growth and budget needs and also allowed the lease to be terminated if the company were to be sold. The company relocated into 17,000 square feet of office space within one of Indianapolis’ premier office developments. CARMEN negotiated terms that would allow G&S’s rental schedule to grow as it grew from the 10,000 square feet at lease commencement to the entire 17,000 square feet after two years.
After five years, G&S was ready for a change, seeking a building that would allow the firm to have better identity for employee attraction. CARMEN negotiated a lease termination of the existing lease and relocation to another building owned by the landlord. G&S occupied a full floor of the building and was able to place its name at the top of the building.
After three years, G&S Research was purchased by a Cincinnati firm, Market Vision, which allowed for its lease to be terminated. CARMEN was engaged by the new firm to locate office space better suited for the operation of the new entity. CARMEN surveyed the entire north suburban Indianapolis office market, identified the buildings best suited for Market Vision, and negotiated cost-effective and flexible lease terms that ensured the firm would operate in Indianapolis for years to come.
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