Ep. 19 Justin Kessler & Nathan Meisner: Taking Advantage of Disruption in the Office Market; Rightsizing & the Flight to Quality TCN Worldwide Market Minutes Podcast

Justin Kessler & Nathan Meisner with Bradford Allen/TCN Worldwide in Chicago discuss the ever-changing dynamics of the post-pandemic office market; how savvy tenants are taking advantage of this temporary disruption; and how the work-from-home trend has adversely affected younger workers who traditionally benefit the most from in-office mentorships. Learn what safety nets can be built into your lease to allow flexibility while maximizing the opportunities that the current market offers to tenants who wish to right-size or secure more prestigious office space with the amenities to help attract workers back to the office.
 
Justin Kessler & Nathan Meisner also discuss their recent transaction with Lindsay, Pickett & Postel, LLC (LPP) who was occupying two separate offices on different floors in the same building. Seeking to consolidate to a single, high-class, high-rise space with east-facing views and abundant natural light, the client needed to sublease its existing spaces. This is a perfect example of the flight-to-quality trend currently being seen within the office sector. Many brokers would have walked away due to the complexity of this transaction but both Justin and Nathan were there with level-headed, worthwhile advice and guidance every step of the way. Aligning multiple transactions at the same time—Managing multiple timelines and interests with two subtenants and relocating to a new building required some creative thinking and disciplined project management, but Justin Kessler & Nathan Meisner were able to see this deal through to make sure Lindsay, Pickett & Postel, LLC (LPP) closed on each one of these transactions.
 
Key Discussion Points
[00:17] Welcome and introduction by Eric Odum
[00:32] About our guests: Justin Kessler & Nathan Meisner
[01:11] How did you arrive at Bradford Allen, Justin?
[01:53] How did you arrive at Bradford Allen, Nathan?
[02:33] So you primarily help office tenants and landlords find space, correct?
[03:24] What is your take on the media reporting that office is going away because people are working from home
[04:46] What are you hearing from C--Suite executives about where the office market is headed?
[06:31] Do you think the younger folks are the ones most adversely affected by COVID because they weren't allowed to come to the office and mingle with co-workers
[09:37] Are you seeing a reluctance of employees to come back to the office since they got used to working from home?
[10:30] Are you finding that tenants are reluctant to sign longer-term deals after what happened in 2020-2021
[12:36] Give us an overview of some of the flexibility that might be built into a lease to entice longer-term leases
[16:02] Give us a high-level view of a recent complex transaction you managed
[18:30] Eric's summary of the recent complex transaction
[20:23] How did you coordinate the timing with those 2 new tenants?
[25:21] Talk about the finances of this complex transaction
[27:43] What are you seeing happening in the next few years in the Chicago market space?
[29:15] How can folks get in contact with you?