Marathon Oil Alaska

Challenge

Marathon Oil Company retained ARVO Realty Advisors to provide tenant representation services for the renewal and extension of the lease for its Anchorage, Alaska office facility.

Solution

First, ARVO Realty Advisors focused on finding suitable office space options, and then narrowed its selection to properties where office space of the required size and amenities was available.

ARVO Realty Advisors successfully completed the assignment within the client’s objectives by:

  • Developing a strategic plan
  • Developing leasing goals
  • Reviewing and analyzing existing lease
  • Preparing a competitive property and market analysis
  • Identifying a short list of qualified options
  • Conducting property tours
  • Preparing lease proposals and financial analysis
  • Negotiating lease terms, including surrender of surplus office space
  • Negotiating tenant improvement allowance for space reconfiguration, including new paint and carpet paid for by the landlord
  • Negotiating early termination clauses
  • Reviewing, analyzing, and negotiating lease agreement
  • Post execution follow up

 

Benefit

The assignment was completed on time and at a lease rate below the market rate for comparable spaces in similar buildings in the submarket.