MetLife - MetLife requested C&W for office relocation service.

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The Challenge

  • MetLife need to consolidate the sales offices and HQ within a building for efficient management
  • Large portion of security deposit to minimize the monthly rent was essential condition
  • Local office required objective opinion and information to persuade U.S. HQ due to unique rental system in Korea
  • Preferred to stay in GBD area, especially Sungreung, to reduce the difficulties and confusion caused by changing of routine operation.

The Solution

Due Diligence for Purchase

In-depth and desk top valuations of selected properties in the preferred location. A series of negotiation was undertaken for a selection of properties but reverted back to leasing strategy.

Due Diligence for Lease Acquisition

Considering lease acquisition, C&W team provided strategy development, market analysis, site selection strategies, cost of occupancy analysis, negotiation and tenancy agreement review of the selected leasing property identifying key leasing issues and potential risk of ownership dispute after inheritance since the building is owned by individual with 3 lessors of family member.

Consolidation of Operation

Comprised of two stages; the first stage involved assisting MetLife define objectives and requirements for their present and future consultancy needs and provide a detailed consultancy report.

The Results

  • Office Acquisition
    Gross Size: 156,079 sq.ft. (Unit: 1 sqm = 10.764 Sqft)
    Location: GBD, Seoul
    Period: 3Q, 2011
  • Consolidated all operations into one building
  • Achieved the first right of purchasing
  • Naming right and signage right
  • Minimum lock-in period (60 months) and early termination right without penalty
  • MetLife have a right to nominate the building service firm by preparing MetLife preferred firm list
  • For the security deposit, MetLife can set 120% of collateral security right as the second mortgage

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