Reinhart Boerner Van Deuren s.c.
Renovating Can Be As Good As New
"Testimonial"
FN LN -
Title, Company
How testing the market can lead to great returns
The Challenge
Madison law firm Reinhart wanted a change from their dated space and needed strategic advice regarding renovating their current space versus moving to a new facility.
The Approach
We conducted careful analysis before recommending that Reinhart renovate as opposed to move. We connected Reinhart with a skilled architect and negotiated the lease renewal.
The Results
We negotiated a below-market lease renewal, saving Reinhart over $4.2 million compared to securing a brand-new facility. The newly renovated space is a modern, impressive facility that caters to the law firm’s needs and reflects its modern image.
Madison, WI
Client since
2016
25,408
Square Feet
$4.2M in savings
Project Value
Services Offered
The Full Story
Operating in Madison since 1993, Reinhart offers a wide range of legal services to the community. Their Madison office is home to more than 20 attorneys who deliver insightful, cost-effective legal solutions to business challenges and opportunities; with particular depth in health care, corporate law, real estate, trusts and estates, intellectual property, tax, litigation, and employee benefits.
In 2016, the team at Reinhart law firm decided they wanted a change from their existing space, which they felt was dated and no longer met their needs. Understanding Broadwing’s local market expertise, they reached out to us to help them consider their options — namely whether to upgrade their current facility or find a brand new one.
Solving For A Dark, Dated Space
The Reinhart team took issue with multiple aspects of their current space. For example, their conference rooms weren’t conducive with the lawyers’ needs and they had limited waiting space for clients. On top of that, the space felt dark and dated — “too 70s.” It didn’t reflect the modern approach of the Reinhart team.
Broadwing’s Carefully Considered Approach
The Reinhart team faced two options: upgrade their space or find a brand new one. After careful analysis and consideration, we recommended the former, connecting Reinhart with a skilled architect who would take Reinhart’s long-term and growth-focused needs into account as he designed modern updates for the space.
$4.2 Million In Savings
Then, we negotiated with the building’s existing landlord, with whom Reinhart had a long-standing relationship. We were able to negotiate a below-market transaction on a 15-year lease renewal, saving the Reinhart team over $4.2 million compared to securing a brand-new facility. We also worked with Reinhart and the building’s landlord to relocate the Reinhart team to a different floor as renovations took place. As a result, the Reinhart team was able to work peacefully, sans interruptions, throughout the construction process.
Today, we continue to serve as a trusted advisor and partner to the Reinhart team, working with them on various real estate matters, including strategy and valuations.