MED TECH OFFICE

Downtown Minneapolis

CHALLENGE

Sometimes where you start is not where you end up! Initially looking to expand in place from approximately 3,000 sf to 9,000 sf, Rally Health, a fast-growing medical technology firm, wanted to make sure they were getting a competitive deal. The “hot” submarket they were in had grown significantly, and the building had sold since they moved in just over three years earlier. Base rents were already $3+ per square foot more than what they were paying in their existing lease. As KimbleCo dug into the market to find great competitive space and began touring, Rally Health determined they needed more space – growing to potentially 20,000 sf and then up to 60,000 sf within months. On top of this, they wanted convenient and cost-effective parking for their employees which was a rare commodity in their desired market. Last but certainly not least, Rally Health was highly focused on culture. This entrepreneurial company prides itself on diversity, health and inclusion and despite its fast growth, did not want to lose the culture they had carefully cultivated as a start-up technology firm.

ACTION

Knowledge of the specific buildings, owners and brokers in the market allowed the KimbleCo team to pivot quickly to sites that would accommodate Rally Health’s changing size requirements. Tours were held and Requests for Proposals (RFPs) submitted in order to determine the best building that could also accommodate their need for transportation options, parking, and outdoor space for their teams to be active on a regular basis. Taking the top options, KimbleCo performed quantitative, qualitative, and financial analysis comparisons and were able to arrive at a strong short list of options for Rally Health.

KimbleCo worked to further negotiate the terms of the RFPs with the short-listed building owners and had them submit test fits based on Rally Health’s programming requirements to determine efficiency and suitability for growth. Finally, one building was chosen with the ability to take one full floor at 40,000 sf with the right of first refusal for an additional 20,000 sf on the floor below. While the lease was being further negotiated, KimbleCo made a successful bid for the tenant representation project management oversight of the tenant build out. Eventually Rally Health took the additional 20,000 sf, which KimbleCo acted as both tenant representative in the transaction and project manager for the build out.

KimbleCo also performed advisory consulting services for WELL Building certification opportunities for this project.

RESULT

Rally Health secured the best location and space for their growing business in downtown Minneapolis that allowed them to minimize costs while retaining the ability to grow. KimbleCo also won the contract for the tenant representation project management role and successfully lead Rally Health through a very quick 5 month build out - including project planning and budgeting, procurement of design, construction, furniture, graphics, signage, IT and audio visual team members, and management of all through the close out of the project. KimbleCo’s success was multi-faceted, coming in on time and under budget, which ultimately led to Rally Health selecting KimbleCo as their national tenant rep project management consultant. 
To date, KimbleCo has completed the management of two additional projects in Las Vegas.

product type

Office
Med Tech

scope of services

Tenant Rep Leasing

Tenant Improvement Project Management

WELL Building Certification Advisory Services

Client

Rally Health

Goals and vision

Growth
Talent Retention & Attraction
Competitive Cost

Challenges

Timeline
Cultural Fit