Region: Edina
Services Provided: Tenant Representation, Financial Analysis, Lease Negotiation, Market Forecasting
Size: 65,000 SF
CHALLENGE
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Nerdery was located in an industrial park in south Bloomington with limited amenities and no area walkability.
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As a top technology firm in the Twin Cities, Nerdery knew they needed a new building/space and location which better reflected its company image and helped attract and engage top talent.
SOLUTION
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Nerdery enlisted Newmark as their real estate partner. Jim and his team thoroughly searched the market, uncovering options in downtown Minneapolis and the suburbs.
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The team showed Nerdery how Newmark ranks office buildings on a 5-star scale rather than Class A or B. This 5-star scale is called “The Tenant Experience Ranking”. Because Nerdery allows employees’ dogs in the office, Newmark modified the Tenant Experience Ranking to include “dog-friendly” as a category.
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The team also used the Tenant Experience ranking system to leverage buildings/landlords against one another and negotiate the best lease terms on behalf of Nerdery.
RESULTS
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The team ultimately settled on 7700 France because of its economics, location, and proximity to France Avenue amenities.
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Nerdery relocated from a .5-star ranking building to a 4.5-star building and remained rent-neutral through efficient space design and below-market lease terms negotiated by Newmark.
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To ensure a smooth transition, Jim and his team hosted a town hall meeting at Nerdery’s space where their architect provided a virtual tour through the new space for Nerdery’s employees to see.
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Nerdery’s space is now a tool for recruiting and engaging its employees.
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As part of the negotiation, Newmark required the landlord add interior and exterior amenities including but not limited to a private patio, outdoor seating with grills, and a private dog park.
