Applied Underwriters® (AUI), a global risk services firm, expended $23M on state-of-the-art tenant improvements (TI) to create a highly functional and beautifully designed headquarters that successfully incentivized employees to return to the office. While these custom interiors significantly enhanced the workplace experience, they represented a non-recoverable investment, as they had no residual value and could not be removed or relocated. To address this, AUI sought to reclaim the capital tied to these substantial space improvements, enabling them to redirect funds toward higher-value initiatives aligned with their long-term business goals. This required a partner capable of structuring a financial solution that reimbursed 100% of the TI costs in cash.
- A 12-year, fully amortizing, credit-based TI Lease
- Full reimbursement of the $23M AUI spent on space improvements
- Predictable, fixed payments
- A streamlined, transparent financing process
Dolfin’s financing solution allowed AUI to recover their investment and reallocate their capital to strategies that grow their business and serve their long-term goals.
Dolfin was a pleasure to work with. Their process was streamlined, resulting in a quick close. The Dolfin Lease allowed us to monetize 100% of the in-place leasehold improvements at our NYC headquarters and reinvest the proceeds in higher earning assets.
James Davenport, CFO, Applied Underwriters
As a global firm helping businesses and people manage uncertainty through its business services, insurance and reinsurance solutions, AUI saw a tremendous benefit to elevating its New York headquarters for both the employee and client experience. Working with Dolfin allowed AUI to find further value in that investment, including:
- Enhanced Balance Sheet: Recovering their investment strengthened AUI’s balance sheet by improving liquidity
- Improved ROI: With the cash reimbursement for TI, AUI is able to redirect funds toward higher-yielding investments
- Transparent Payments: Financing TI through Dolfin allowed AUI to decouple TI from their space lease, increasing visibility of the true costs and fees for each
- Money In The Walls: Financing allowed AUI to find and repurpose capital used to build out their new office space, effectively finding “money in the walls”
credit-based lease
