PLANO, TX-After considering other options for its regionalheadquarters, Intuit Inc. has renewed its lease for 166,235 squarefeet at The Campus at Legacy.

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The Palo Alto, CA-based software company inked a 15-year leasefor the entire class A building located at 5601 Headquarters Dr.The new deal decreases the firm’s occupancy costs by 20% to 30%,according to Scott Collier, a managing director with Jones LangLaSalle.

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Collier represented Intuit in lease negotiations, along withSteve Thelen, also a managing director with Jones Lang LaSalle. Thebuilding owner, Atlanta-based Piedmont Office Realty Trust, wasrepresented internally by Damian Miller.

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Intuit’s decision ended more than a year of market evaluation,Collier says. “Intuit is a very sophisticated real estate user thatis careful about the long-term commitments it makes,” he explains.“They have a very thorough process.”

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Although Intuit has been a tenant in Piedmont’s building for 10years, the firm considered other leased buildings, as well asbuild-to-suit and ownership opportunities. “They wanted to be surethey would get a good deal,” Collier tells GlobeSt.com.

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Intuit stopped looking for alternative space once Piedmont madeit clear that it was keen to keep the software company in itsbuilding. “We got to the point where the existing owner said ‘Look,we are very interested in keeping Intuit. What will it take to keepthem?’,” Collier explains.

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Collier says Intuit’s deal illustrates the flexibility thatbuilding owners are demonstrating today. “When a landlord startsthinking about getting back a vacant building and the expenseinvolved in re-tenanting the space – the build-out, the carry costs– he realizes that he would like to get market rent, but that hecould be happy with less than that,” he adds.

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