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Rapid7

Global

A bold and proactive office space search, aggressive deal negotiations, and stunning design helped Rapid7 create one of Boston’s most successful real estate outcomes: a new headquarters resulting in lease savings of over $10 million compared to current market and their pick of the region’s top talent. And thanks to our global portfolio and strategy support, Rapid7 has managed rapid growth, launching offices in four new international markets with significant future expansion plans.

The Challenges

With a headquarters split between two Boston area locations and goals to rapidly grow its headcount and brand presence, the Rapid7 executive team faced three major challenges:

  1. A rapidly tightening Boston real estate market, with rents that would dramatically increase over the next few years
  2. A war for tech talent, with pressure to create a workplace that would attract and retain the region’s top-tier employees
  3. A global real estate portfolio that was becoming more difficult to manage and accurately plan for capacity

“T3 Advisors has shown themselves to be a thought partner first and a real estate company second. When I deal with the T3 team I know their first priority is to understand the big picture, the strategy, and the outcomes we are seeking to achieve before jumping to real estate solutions.”

Jamie Kinch, VP Real Estate & Workplace Experience, Rapid7

Our Approach

Once we understood Rapid7’s financial, cultural, and business goals, we led their executive and real estate teams to tackle the tightening market a year earlier than they’d initially planned. We then aggressively negotiated a lease for Rapid7 as the anchor tenant of an upcoming development called the HUB in Boston’s growing North Station neighborhood.

To help Rapid7 compete for talent and build its brand, we planned a consolidation of its split headquarters, negotiated with the City of Boston and HUB developer on a robust Rapid7 exterior signage package, and successfully prompted the landlord to include a fitness center in the HUB. Our team also led the project management for the entire build out of the new headquarters, overseeing the scope, schedule, and budget.

Test

To support Rapid7’s growing footprint globally, our team advised the real estate department on everything from effective capacity planning; interviewing and hiring a head of real estate; implementing a new lease administration tool to monitor and manage its portfolio; selecting other real estate technology systems; and managing brokerage and build outs for Rapid7’s offices in Austin, Los Angeles, Washington, D.C., and Toronto.

“Working with T3 we have implemented systems and tools that now provide a single source of the truth for our real estate assets. T3 has been great at tracking all our activities and keeping us accountable to making timely decisions.”

Jamie Kinch, VP Real Estate & Workplace Experience, Rapid7

The Outcomes

  • A Rapid7 exterior logo expected to be seen by millions of Boston commuters annually
  • Over $10 million in savings on its headquarters lease versus current market
  • A long-term headquarters lease that includes generous and flexible expansion options in the building to accommodate Rapid7’s growth
  • A 220,000 SF headquarters with thoughtful amenities, design, and location that will help attract and retain the area’s top talent
  • As the first major tech company to be headquartered in North Station, an amplified position as an anchor Boston tech company
  • Real estate and executive teams that operate with more efficiency and clarity into their growth needs than ever before
  • A new lease management system that allows Rapid7 to proactively manage its expanding real estate portfolio
  • Successful launches of new offices in Austin, Los Angeles, Washington D.C., and Toronto, with ongoing projects in Dublin, Belfast, Singapore, San Francisco, Munich, Tokyo, and Melbourne

“I love the trusting relationship with T3 Advisors. It feels like a partnership—their primary focus is being a valued part of my team and making Rapid7 successful. We have achieved a lot of high-impact work as a team, but the best part is that we have had a ton of fun doing it too!”

Jamie Kinch, VP Real Estate & Workplace Experience, Rapid7