Office space - EJ Blocked me!

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Aug 24, 2009 3:39 pm

So, we were looking at an office space to house more people. Unfortunately, EJ is putting someone there. The landlord signed a lease saying they wouldn't put another "financial planner, financial advisor, investment broker" in the same building.



Now, I've come a long way from my old EJ bashing days, but that really pisses me off!



Anybody ever have these kind of problems?

Aug 24, 2009 3:50 pm

Yeah, I tried to put an office in a local Class-A offcie building, but some dumb-fuc$ indy guy told the landlord he didn't want another advisor moving into the building, and there's like 14 offices!  And there was not even a formal agreement.  The landlord was excited to have me move in until he went and talked with the other guy.  Pissed me off.

 
On a sidenote, my current office building, which only has 4 tenants, also houses a major wirehouse office.  Jones had no problem with it, as long as we had distinct entrances and available signage space "comparable" to the other firm.
Aug 24, 2009 3:54 pm

EDJ has all kinds of clauses.. When I was at EDJ I owned my space then leased it back to them, and they had a number of clauses, "no nail salons, within either side", something to do with smell... No other financial or competitive people in the whole place(so if there was a center and had 3 buildings or so, none of them could have a financial place) the exception was made for banks.

Aug 24, 2009 4:05 pm
B24:

Yeah, I tried to put an office in a local Class-A offcie building, but some dumb-fuc$ indy guy told the landlord he didn't want another advisor moving into the building, and there's like 14 offices! And there was not even a formal agreement. The landlord was excited to have me move in until he went and talked with the other guy. Pissed me off.



On a sidenote, my current office building, which only has 4 tenants, also houses a major wirehouse office. Jones had no problem with it, as long as we had distinct entrances and available signage space "comparable" to the other firm.





Dude - that's f**ked up! We have LPL guys and insurance guys in our complex.

Aug 24, 2009 5:05 pm

I'm pretty close to setting up another office in a larger town.  The first place I looked at, housed attorneys, title company and Merril Lynch office.  The Merril BOM squelched me setting up shop.  SO, I found another LPL office who has extra space to locate.  Its not just an EDJ deal. 

Aug 24, 2009 5:23 pm
bspears:

I'm pretty close to setting up another office in a larger town. The first place I looked at, housed attorneys, title company and Merril Lynch office. The Merril BOM squelched me setting up shop. SO, I found another LPL office who has extra space to locate. Its not just an EDJ deal.





I didn't think it was - it just happened to be my experience. Oh, well - I think there's some space right across the street.

Aug 24, 2009 5:24 pm
Moraen:
B24:

Yeah, I tried to put an office in a local Class-A offcie building, but some dumb-fuc$ indy guy told the landlord he didn't want another advisor moving into the building, and there's like 14 offices!  And there was not even a formal agreement.  The landlord was excited to have me move in until he went and talked with the other guy.  Pissed me off.

 

On a sidenote, my current office building, which only has 4 tenants, also houses a major wirehouse office.  Jones had no problem with it, as long as we had distinct entrances and available signage space "comparable" to the other firm.



Dude - that's f**ked up! We have LPL guys and insurance guys in our complex.

 
Yeah, personally, I think having other financial services firms actually helps each other out.  It raises the professional image of the building.  How many office buildings do you see with multiple attorneys?  They're everywhere.  Another stupid reason our industry is still can't crack the "professional" code.
Aug 24, 2009 7:07 pm

This is standard practice for most industries.  Not just financial services.  You usually won't see a supercut and a great clips in the same shopping center. 


 
It's a smart move to establish branding, location identity, and to protect high value real estate.
Aug 24, 2009 7:15 pm

I guess EJ still thinks that people just walk in to do a large transaction?

Aug 25, 2009 8:13 am
voltmoie:

This is standard practice for most industries. Not just financial services. You usually won't see a supercut and a great clips in the same shopping center.





It's a smart move to establish branding, location identity, and to protect high value real estate.





Volt - the problem is like B24 said. Attorneys and CPAs are are a lot of times in the same building. Psychologists as well. Physicians, etc.



Personally, I think it's a strange move.

Aug 25, 2009 4:33 pm
chief123:

EDJ has all kinds of clauses.. When I was at EDJ I owned my space then leased it back to them, and they had a number of clauses, "no nail salons, within either side", something to do with smell... No other financial or competitive people in the whole place(so if there was a center and had 3 buildings or so, none of them could have a financial place) the exception was made for banks.

 
I know the reason why Jones has the "no nail salons" clause in their leases. A rep in our region was next to a nail salon, and the chemical smell was so bad that his BOA (she was about 70) would get nausious most afternoons.  Jones finally moved him, and put that clause in their contracts.
Aug 25, 2009 4:40 pm

c*** Blocked by The Green Machine.

Aug 25, 2009 4:50 pm
voltmoie:

This is standard practice for most industries.  Not just financial services.  You usually won't see a supercut and a great clips in the same shopping center. 


 
It's a smart move to establish branding, location identity, and to protect high value real estate.
 
Volt- EJ leases the space therefore they don't own the high value real estate.....
Aug 25, 2009 8:10 pm

Nog, I think he means to protect your own high value "locations", not the actual value of the real estate.  IOW, if you're in a prime location, you don't want another competing business to move in and leverage that location as well (regardless of who owns it).

Aug 25, 2009 9:38 pm

Nog .. what 24 said - I said protect, not own.





M .. attorneys, CPAs, and etc. etc. have no brand identity.  Edward Jones does and spends millions each year to create it and a lease with restrictions helps protect it. Sucks to be on the other end I'm sure .. but not doubt you'll steal plenty from them in the future :)

Aug 27, 2009 2:35 am

My first thought when I read this topic was that EDJ wasn't letting you watch a modern movie classic.  I smile everytime I reach for my red Swingline classic.

Aug 27, 2009 9:09 am

...I think we're going to need you to come in Saturday...