Holme Roberts & Owen LLP

Client Situation

Holme Roberts & Owen LLP (HRO) is a Denver-based law firm with more than 215 attorneys in offices in Denver, Boulder, Colorado Springs, London, Los Angeles, Munich, Salt Lake City, and San Francisco.HRO had approximately 42 months remaining on a 150,000-square-foot lease/sublease that involved Common Wealth Partners (CWP), the owner of Wells Fargo Center, as well as Wells Fargo Bank. HRO had, atone time, been an equity partner with Wells Fargo Bank in its previous location.

Consideration Analysis

HRO wanted to optimize its space efficiency and design. To achieve this goal, the firm wanted to examine the possibility of relocating to one of the proposed new high-rise office buildings being planned for Downtown Denver versus restructuring and extending its existing lease in Wells Fargo Center.

Result

At the end of Savills Studley’s lease negotiations, HRO increased its space efficiency by over 20 percent through there configuration of its office space. In addition to increasing it space efficiency, HRO was also able to reduce its square footage requirements by nearly 23 percent while increasing the number of attorneys, paralegals, and support personnel.

The opportunity to become an anchor tenant in one of the new downtown high-rises was thoroughly explored. The corresponding leverage HRO received was instrumental in restructuring the new lease with CWP.

HRO was able to achieve in excess of $5.3 million in base rent savings from the landlord’s initial proposal to a fully negotiated amendment to lease. In addition, HRO became the beneficiary of numerous flexibility options,additional parking at locked-in rates, a significantly improved lease, and no partner securitization.

Summary Information

  • Property: Wells Fargo Center , 1700 Lincoln Street
  • Transaction Size: 123,116 SF
  • Transaction Type: Lease Relocation, Lease Restructure
  • Service Line: Law Firm Practice Group