Lucent Technologies designs and delivers the systems, services and software that drive next-generation communications networks. Backed by Bell Labs research and development, Lucent uses its strengths in mobility, optical, software, data and voice networking technologies, as well as services, to create new revenue generating opportunities for its customers, while enabling them to quickly deploy and better manage their networks. Lucent’s customer base includes communications service providers, governments and enterprises worldwide.
In 1999, Lucent built a 240,000 square foot regional headquarters for their Caribbean & Latin American division (CALA) in Miramar, FL. After the technology bubble burst, in 2002 Lucent engaged us in South Florida to dispose of 150,000 square feet, but did not want to break up the spaces into any smaller than 30,000 square feet. The market at the time also had a vacancy of greater than 17%.
We put together a team to aggressively canvass Broward County and Western Miami-Dade counties identifying all tenants that met our parameters. Within 24 months we were able to backfill 100% of the available space to three different tenants. In addition, all of the lease terms were structured to expire on a date that Lucent has a termination right for the remaining five years of the term.
Lucent is able to continue to occupy 90,000 square feet in the building with only three additional tenants to minimize the disruption to Lucent’s business. We were able to backfill 100% of the vacant space with lease expirations to coincide with a Lucent termination right. Through the subleasing of the excess space, Lucent will be able to recover more than $20M in lease consideration.