MCMC specializes in evaluating claims, reviewing cases, processing bills, applying network discounts and providing managed care services that allow clients to achieve positive outcomes through cost effective solutions. The firm had been at its current location at 88 Black Falcon Avenue in Boston for 10 years. After assessing its needs with a proper space planning program through our project management group it was determined that MCMC needed 20,000 square feet.
The company had signed its Boston lease at the height of the market and was very much looking forward to taking full advantage of the current tenant-friendly market. The demographic done by Equitable showed that a majority of the firm lived in Boston so it was assumed that MCMC would remain in the city albeit likely downtown. A closer look showed that the vast majority of city residents lived in its southernmost neighborhoods. A follow up poll revealed a desire to relocate to Quincy or Braintree as they offered a counter-commute.
After comprehensive multiple market surveys and tours the list of properties was narrowed down to three, including their existing building, which would be engaged in negotiations. As Equitable performed multiple detailed financial analyses including variables in parking and transportation costs it became clear that Quincy was the desired choice. Market rents were running approximately $26 per square foot in Quincy for class A space. The initial offer from 300 Crown Colony Drive, Quincy over 10 years was $25/ft and offered little in the way of tenant improvement dollars. The transaction negotiated by Equitable Real Estate Solutions resulted in rents starting at $19.50, four months of free rent and $25 per square foot in tenant improvements (a two-fold increase).
The result netted savings in excess of 81% for MCMC from its current situation. The company also enjoys a right to terminate the lease in year eight, a strategy devised to time the bottom of the commercial real estate market. Our project management group worked hand in hand with the landlord’s architects and engineers to ensure an accurate, on-time and under-budget buildout and relocation.
After that success, MCMC hired Equitable to manage its leases nationally. Multiple sites around the country yielded similar success. Each location, large or small, receives multiple visits from an Equitable principal. MCMC’s site moved from Bethesda to Rockville, MD measured only 2,468sf yet was nonetheless visited five times to ensure a smooth move transition.
Please feel free to contact Pam Ochs-Piaseki, Chief Financial Officer, at 617-375-7778 for more details.
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