“SWA certainly knows the market, and they’re thoughtful, friendly and balanced in all their negotiations. They are a great partner to work with on all aspects of a move.”
Miles Cook, Former Managing Partner
Bain & Company
Details
Transaction Type: Tenant Representation
Square Footage: 55,000
Challenge
With more than three years left in their building lease, top management consulting firm Bain & Company (Bain) was already outgrowing their space. Senior Partner Miles Cook says, “We were a few years ahead of what we expected in terms of growth, so we had people sharing desks and overflowing in our office.”
At the same time, with a constantly changing workforce, the company wanted to be in the best place to attract new talent, even if it meant moving out of Buckhead, their current location. For the sake of their business, they needed to make a change right away — not in three years’ time. Scotland Wright Associates (SWA) had served Bain through two prior business moves, and the company again chose SWA’s elite team to head this operation.
Process
SWA was determined to find the perfect solution to Bain’s needs — even if it meant manufacturing space that didn’t yet exist. “We have specialized needs,” Cook says. “Because of the way our teams work, our workforce is constantly changing. We can have unexpected peaks, valleys and surges, so our space has to accommodate those changes.”
SWA CEO Michael Tucker says, “We helped them think through whether they should retrofit their current space, relocate everyone to a new space or relocate one floor at a time. There were many moving parts to evaluate, and we wanted to lead them to the right real estate solution.”
SWA began analyzing all aspects of possible new locations, including the buildings themselves, amenities, parking, hotels, commute patterns and more. Through extensive research, SWA learned that the majority of Bain’s employees would have the same or better commute times if the company moved to Midtown. It was an important turning point for the decision. “When we put all the pieces together, it was clear Midtown was where they needed to be for the next decade and beyond,” Tucker says.
Cook acknowledges SWA had excellent answers to his team’s questions. “SWA team members are very good advisors. They’re deeply knowledgeable, very responsive, and they were quick to respond through the whole process.”
There were many challenges with the move, including Bain’s current lease didn’t expire for years. Additionally, the Midtown building they wanted didn’t have the appropriate space to fit Bain. That’s when SWA set out to find a creative solution to meet Bain’s unique needs.
Solution
SWA’s solution meant manufacturing nonexistent space for Bain. Through their extensive market knowledge and relationships, SWA discovered that a primary tenant in the Midtown building was looking to reconfigure their space. SWA worked quickly to negotiate a deal where Bain could backfill two-and-a-half of those floors coming available. “That space never hit the market,” SWA Founder and Chairman Scotland Wright says. “We just uncovered it through market knowledge and conversations with many people.”
The negotiation grew complex, involving third-party tenants reconfiguring their spaces to make room for Bain. “It was challenging, and there was a lot of juggling,” Tucker says, “but we came up with a solution where there was initially no space at all.” In the lease, SWA also included the option for more space in future years, allowing Bain to stage into their growth. “It actually worked out better for us in many ways, because we won’t have to pay for all the space we’ll need in ten years from day one,” Cook says. “It’ll be available for us just when we need it.”
Result
Bain & Company relocated to 1180 Peachtree Street in 2018. SWA led Bain to a new space that allowed them to attract and retain new talent while continuing to be a best-rated place to work. SWA also negotiated a concession package that allowed Bain to offset the remaining rent costs on their current lease. “We remained involved all the way up to their move and beyond,” Wright says. “When issues came up, we wanted to be their advocate and help them through anything that arose. Our job doesn’t stop once the deal is complete.”