The challenge
Decosimo, founded in 1971 by Joseph Decosimo, is one of the most recognizable names in Chattanooga’s accounting sector. Decosimo’s consistent long-term growth over a more than 20-year term of lease, within its existing Chattanooga HQ facility, had created a challenge in terms of functionality, interdepartmental communications, and talent acquisition.
The solution
Sim Wilson worked with Decosimo leadership following a robust lease acquisition process designed to consider all market opportunities in terms of net financial impact, increased functionality, cross selling and competitive workforce environment. The RFP process attracted multiple bidders for the firm’s occupancy business. Wilson provided Decosimo corresponding financial analyses, site-visits, location scoring architectural analysis and selection.
Substantial savings and functionality enhancements were achieved. Decosimo’s completed transaction resulted in more than a $1 million in base rent savings and 12% reduction in footprint. The efficiency of moving from a multi-floor to single open floor occupancy produced significant enhancements to communications and cross selling opportunities. Within their firm, lease terms negotiations provided greater flexibility for growth, downsizing and termination, based on future requirements.
Since execution of the lease the accounting firms of Elliott Davis and Decosimo merged. The combined firm, Elliott Davis, is one of the top accounting, tax and consulting services firms in the U.S. with total annual revenues of $120 million and more than 800 professionals and specialists in 17 offices across seven states – Alabama, Georgia, North Carolina, Ohio, South Carolina, Tennessee, Virginia – and the Cayman Islands. Elliott Davis used the flexible terms originally negotiated to downsize and relocate to another property which provided a better representation of its post pandemic space requirements.