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5 steps transaction new lease

Marcel Camargo • 4/2/2024

When we talk about the corporate real estate market, especially about office leasing, carrying out an efficient real estate transaction or managing a negotiation is much more than just bringing the parties together and informing the requested values and letting the parties understand each other.

When we talk about the corporate real estate market, especially about office leasing, carrying out an efficient real estate transaction or managing a negotiation is much more than just bringing the parties together and informing the requested values and letting the parties understand each other.

It is necessary to follow certain processes that are only achieved with years of experience like Cushman & Wakefield has, in order to guarantee the potential of the business, security and transparency in the stages.

Cushman & Wakefield is a century-old company, which brings with it great experience as a differentiator, with the objective of ensuring that the transaction journey is efficient, safe and results in its maximum potential. To this end, it supports its clients as an exclusive PMO (Project management officer) throughout the entire process, bringing a successful experience to everyone involved.

The numerous annual transactions guarantees authority to follow processes for each stage of the real estate transaction project. In the case of a new lease, for example, there are five main steps involved:

1. Alignment and definitions
It all starts with understanding who the client is (what is their mission, area of activity, culture, among other details), as well as their real estate needs.
With the understanding formed, we set off for the project's Kick-off meeting, together with the client, to define the premises of the work and the short, medium and long-term strategies, which range from understanding the current real estate situation and its vision of the future , location and qualification of the necessary space, mapping of employees and financial objectives.

It is also at this time that we define and establish the current and desired architectural and workplace technical program, the problems faced in the current location and how a new space can enhance the client's business.

Employee mapping is a key element in defining the best location for the new space and the respective impacts of the change, taking into account mobility, security, region and facilities.

2. Market research
After the alignment and definitions, we move on to the second stage of the work, which aims to find, among the desired premises, the best options available on the market.

We have a complete team dedicated solely to market research, which, through its database, and unlike the residential market, has access to almost all of the high standard offices in the country, which gives us the certainty of that we will not let even one opportunity pass us by.

Our consultants specialize in office leasing, who, supported by this database, find the best and most assertive space availability to meet the clients' wishes.

All this specialized work is presented to clients through complete reports, with the main technical and commercial aspects of each alternative.
With the contribution and help of our consultants, the client defines the best options for the tour to discover potential new spaces.

3. Qualification and selection of alternatives
Based on our market knowledge, we assist in the process of selecting the properties that will be visited. A list of options with market opinion on each of them will be provided.

The objective is to define a concise list of properties that will later be analyzed in the Qualitative, Financial and Due Diligence (DD) reports.
At this point, the detailed RFP (Request for Proposal) for a new location is prepared, with a complete structure, covering commercial and technical aspects.

We conduct the entire RFP/LOI (Letter of Intent) process and provide tools and presentations to analyze and equalize responses, representing the occupant in negotiations, seeking to minimize costs and rental values and maximize contractual advantages.

4. Negotiations
With the client prepared to make the final decision, we move towards the definitive scenario. In this case, the final rounds of negotiation begin and the analysis of the draft lease agreement or renewal amendment begins.

We represent the company in all phases of negotiation, until the final signing of the contract.

5. Ongoing Services
We prepare a summary of the lease agreement with the main contractual clauses and critical dates, such as expiration, expansion, termination and extension.

We are experts in real estate transactions
Whether you are in the office, logistics or industrial segment, when you need a new lease, renewal, renegotiation or termination of contracts, demobilization of assets such as land, complexes, slabs, warehouses and buildings, purchase and sale of properties, representation of tenants and owners, portfolio optimization, sale of asset portfolios and structured operations such as built-to-suit and sale & leaseback, count on us and enhance your business.

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Built in 1960, the Barão de Mauá building is one of the architectural treasures of the city of Rio de Janeiro. Designed by Oscar Niemeyer together with Sabino Barroso and Lúcio Costa, it went through different periods in the country's real estate and economic market and recently gained more technology and functionality, which further enhanced its charm.

Located in the central region, it has more than 23 thousand m² of built area and 20 corporate buildings, currently 100% occupied by the largest electricity company in Latin America and one of the largest in the world. Around 750 users pass through there per day.
After an important retrofit, completed in 2018, the Barão de Mauá Building re-emerges revamped in the Rio real estate market to continue writing its history in the heart of the city.

Learn a little about the work that the Cushman & Wakefield Property Management team has been carrying out in the condominium and understand how this successful relationship has been built long before the renovation.

2002 to 2017 – Property and Facilities Management
Even before the retrofit, Cushman & Wakefield already worked with Property Management in the common areas of the condominium and also provided Facilities Management services in the private areas.

2018 – Completion of retrofit
Between 2015 and 2016, the Barão de Maurá Building was vacated to carry out the retrofit. The work was completed in 2018, the property had its facilities completely modernized, which placed it among the best-rated corporate buildings in the city, with LEED Gold certification, which proves that the project complies with strict construction use standards, in addition to the Procel A seal, which attests to its energy efficiency. The iconic architectural design has had its original characteristics preserved.

At this point, Cushman & Wakefield then resumes condominium management work.

2019 – Reoccupation
In 2019, the Barão de Mauá building opened its doors to its new occupant, which would later become the largest electrical energy company in Latin America and one of the largest in the world, becoming a single-user building.

In addition to the common areas, the Cushman & Wakefield team dedicated to the operation provided full support to the occupant during the process of reoccupying the building, going through challenging moments when the COVID-19 pandemic devastated Brazil and the world.
With delays throughout the supply chain and a direct impact on service provision, a lot of resilience and expertise was required to deal with adversity.

Another important moment in relation to occupant support also required new efforts from the team. After being incorporated by another company, the occupying company goes through a relayout process that included new reforms.

2024 – Operational Excellence Award
Having overcome the challenges, today the team is reaping the rewards of the work carried out over all these years.

The quality of the service provided was recently recognized. The Barão de Mauá Building was highlighted in the operational excellence award, which annually recognizes Cushman & Wakefield's best operations in Property Management. Result of the combined efforts of all members.
“Today we find ourselves on a “cruise” in relation to the maturity of this operation. Having overcome the challenges, we managed to stabilize all aspects and continue working to always be more efficient”, reports Monica Mariani Portfolio Manager at Cushman & Wakefield.

Stela Hirata • 6/5/2024

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