AETNA

Situation

Aetna leased approximately 131,000 RSF and desired to downsize to 100,000 RSF.

Evaluated the potential for reduction and reconfiguration of Aetna's current premises.

Activities

Created an extremely competitive environment by identifying Class A buildings in the target submarket.

Performed financial analysis to determine the NPV cost associated with relocation scenarios and early renewal/downsize in current location.

Developed qualitative model used to assign a score to each alternative based on criteria identified by Aetna and the project team.

Results

Aetna was able to restructure the final year of the existing lease allowing Aetna to return excess space to the landlord one year early and lower the existing rental rate.

Secured a contraction option and a termination option providing the business unit with operational flexibility.

Negotiated to have the landlord assume cost and operational responsibility for Aetna's fitness center and cafeteria.