Riggs, Abney, Neal, Turpen, Orbison & Lewis, Inc.

Client Situation

Riggs, Abney, Neal, Turpen, Orbison, & Lewis, Inc. (Riggs, Abney), founded in 1974 with its principal office in Oklahoma City, Oklahoma, is a full-service regional law firm, specializing in pre-paid legal services. Riggs, Abney was located in a Class-C building in the Denver Central Business District with a lease that had approximately 30 months remaining. The firm needed to double in size and its landlord was unwilling to restructure an above-market lease to accommodate Riggs, Abney to the firm’s satisfaction.

Consideration Analysis

Riggs, Abney did not want to expand at its current downtown location for several reasons. First, the landlord was not willing to provide a restructure option. Second, the configuration of the office space was inefficient and remodeling would significantly interfere with the firm’s business operations. Third, the cost of downtown parking added over $3.80 per square foot per year to Riggs, Abney’s total occupancy cost. Lastly, the managing partner of the firm felt it was difficult to recruit lateral talent to his existing facility.

Result

Riggs, Abney retained Studley to prepare a strategic long-term real estate plan for its Denver and Rocky Mountain Regional offices. Upon completion of the strategic plan, the Studley team was successful in implementing the following:

A long-term relocation to a Class-A building in the Denver Technological Center with a concession package that allowed the firm to take advantage of a soft real estate market; A space build-out that allowed the firm to become more efficient and allow for growth; Maximum flexibility and an exit strategy and; Free covered parking for each employee for the entire term of the lease.

Riggs, Abney was able to achieve in excess of $1.6 million in savings from the landlord’s initial proposal to the final lease document with no securitization by the firm or its shareholders.

Summary Information

  • Property: Stanford Place II, Denver, CO
  • Transaction Size: 21,559 SF
  • Transaction Type: Lease Relocation
  • Service Line: Law Firm Practice Group