Project: Citifinancial

The Challenge
Chesapeake Appraisal and Settlement Services, Inc., a division of Citifinancial, desired to consolidate and expand operations into a larger, more efficient facility. Due to a recent acquisition, Citifinancial was confronted with the task of relocating up to 450 employees in less than nine months.

MacKenzie was engaged to advise Citifinancial in developing and executing a fast track occupancy strategy. After an extensive search in the suburban south submarket of metropolitan Baltimore, it was quickly determined that the best alternative was a build-to-suit. The economic parameters coupled with a heavy parking ratio quickly reduced the field of options to a handful of alternatives.

The Solution
MacKenzie negotiated a long-term build-to-suit lease agreement for Citifinancial. The single-story building is situated less than 10 miles from their prior location, adjacent to I-95. The total lease package yielded over $4.5 million in economic savings to Citifinancial over the lease term. More importantly, the transaction affords Citifinancial a 25% competitive lease savings advantage over the average rental rate in the business park, should an exit strategy ever need to be exercised. The improvements are state-of-the-art and the building efficiency should enable Citifinancial to remain at this location for quite some time. The favorably structured transaction was further enhanced by Citifinancial’s strong credit rating.

Services Provided:

• Leasing & Sales
• Corporate Consulting & Strategic Planning
• Development Services
• Construction Services
• Market Research