When I initially approached Clark Construction, they had approximately
14,000 square feet, 4 years left on their lease and in a long term broker relationship with Saville/Studley.
I offered to review the Clark lease and after careful examination discovered two important facts: 1. Clark’s rental rate over the remaining lease term was approximately 25% higher than the current market; and 2. Clark had a termination right in their lease. Following some detailed financial analysis, I advised Clark that they should effectively terminate their lease, pay the termination fee and attack the market…knowing the break even payback period on the termination fee would only be 14 short months! And that is exactly what we did!
Clark’s needs quickly outgrew their space and we subsequently negotiated a 20,000 square foot, 10 year lease with the new landlord, American Realty Advisors. The concessions we ultimately attained, following initial proposals to us, amounted to over $1.75 million, comprised of an above standard tenant improvement allowance, abundant rent abatement, a long free parking period and building top signage.
Click here to read what Clark said about my work, as well as what their law firm said, with whom I worked with on legal changes to protect my client (Pillsbury, Winthrop.)
When I approached the Archdiocese two years ago they had a close relationship with the brokerage firm of Lee & Associates. However, following my review of their lease in which I suggested over 72 important changes their broker should have been made to that lease, but did not, the Archdiocese turned to CRA for lease renewal negotiation guidance.
Following an exhausting review of the immediate market, as well as pitting my client’s current building in a leasing contest with two others, the Archdiocese enjoyed an immediate 21% rent reduction, full tenant improvement remodel package, and multiple layers of building operating expense pass through protection- which will save them thousands of dollars over their new lease term.
Click here to read what the Archdiocese had to say about my work.
The Chief Financial Officer of Econ One Research contacted my office as she had heard we were offering a free, no strings attached, lease analysis. She stated she had a long term broker relationship but was casually interested in what recommendations we might have on her lease…with over 82 recommendations, I did not disappoint her!
As an initial test, I was tasked with the assignment of assisting with Econ One’s 5,000 square foot Washington, DC lease. They had outgrown the space and wanted to relocate altogether. I was on a plane the next day, all pro bono and at no cost to Econ One, engaged a local real estate firm whom I felt competent, and quickly found and negotiated an outstanding lease transaction for them. My work must have made a favorable impression, as I was then tasked to find an alternative 14,000 square foot office space for them in Los Angeles…which I subsequently did…all at above market concessions and at below market rates!
Click here to read what the Chief Financial Officer at Econ One Research had to say about my work.