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One of the world’s largest financial providers, with 300 employees in Korea and over 100,000 across the globe, appointed Jones Lang LaSalle to review their real estate portfolio and secure their future real estate requirements. Occupying over 80,000 sqft in the Seoul CBD, the group was considering their options, with respect to lease renewal versus relocation.
Critical issues for our client included securing expansion rights to cater for future growth and the adherence to certain environmental sustainability principles within the building, relating to air quality, energy and water efficiency, proximity to public transportation and recycling/waste management. Cost was also a key consideration, as well as security of tenure.
By leveraging relationships, employing the optimal negotiation strategy and persevering with achieving the client’s requirements – including the environmental sustainability guidelines which many landlords in Korea are unfamiliar with – Jones Lang LaSalle negotiated with the existing landlord to achieve the client’s critical issues, resulting in significant cost savings related to relocation. Jones Lang LaSalle also achieved savings with the existing landlord amounting to USD 150,000 – the savings were significant, as they were negotiated at the cyclical peak of rentals in the Seoul office market, when vacancy was just 0.3%.
Our client achieved their non-negotiable requirements, and did so while remaining within their current building, at a lower rent – the best possible outcome for a complex requirement.