Fickett Structural Solutions
Affirming a Foundation for the Future
"Broadwing Advisors was with us every step of the way, successfully negotiating a new lease and facilitating successful transitions for our other three offices."
Andy Fickett -
President, Fickett Structural Solutions
How Diligent Inspection Welded a Reason to Stay
Fickett Structural Solutions needed help evaluating their current lease and wanted an expert recommendation when it came to moving to a new facility.
We evaluated the entire market, comparing Fickett’s potential new building, other new building options, and the company’s current space. We uncovered hidden costs in the new facility and recommended they renew their lease instead.
We saved Fickett over $250,000 in hidden costs and helped renegotiate their current lease to include additional tenant allowance to refurbish the space.
The Full Story
With offices in Wisconsin, Minnesota, and Washington, Fickett Structural Solutions offers inspections, testing, and training to both public and private sector owners. In the Madison area, Fickett’s projects have included UW-Health and Duluth Trading Company; the team also has a continued partnership with the Wisconsin Department of Transportation. Recently, Fickett’s president reached out to us to evaluate their current lease and advise whether they should stay in their existing space or move to a new one.
Broadwing Lends Its Expertise
The team at Fickett wanted an expert perspective on what they should be evaluating when it came to considering a new location. We helped them consider their real estate options in light of both their current operational priorities and their long-term goals. We also evaluated their current lease to see if it was in line with the rest of the Madison market.
Uncovering Hidden Costs
We took a comprehensive approach to evaluating Fickett’s real estate situation, looking at the entire market to compare Fickett’s potential new building, other new building options, and the company’s current space. During our extensive evaluation, we uncovered the additional expenses that Fickett would incur if they moved into the new facility, for example HVAC unit costs.
A Lease Renewal Recommendation
These additional costs, coupled with the fact that Fickett wouldn’t receive a tenant improvement allowance, led us to recommend that Fickett remain in their current facility and negotiate with the landlord for a lease extension. Overall, this proved to be a better business decision for the company, resulting in a savings of over $250,000. But our work wasn’t done — we also helped Fickett negotiate their lease renewal and secure a fair rate with additional allowance to allow Fickett to refurbish the space to better accommodate their needs.
During this process, we also helped Fickett locate new office space for their Minneapolis and Olympia locations. We’re looking forward to a continued partnership as Fickett continues to grow and expand.