Headquarters Client, Approximately 100,000 RSF, Lease Relocation
ProTen was hired to analyze the feasibility of an early renewal or relocation of the client's US Headquarters.
ProTen conducted a cost/benefit analysis of potentially locating to 3 different markets in the U.S. Our report included an exhaustive review of key factors including demographics and the cost to our client in terms of personnel severance, replacement, relocation, and salary expenses. Most of the markets being evaluated were tenant's markets; ProTen leveraged the quality of the Tenant's image to the market place to achieve a below-market rent.
The resulting transaction included substantial government incentives, a significant tenant improvement allowance, and substantial gross rent abatement which covered all upfront costs of the relocation (including furniture, fixtures, and equipment). Importantly, no letter of credit or security deposit was required, even though the signing entity (subsidiary) had a negative net worth.
"ProTen's focus has always been to do what is right for us. They listened to our needs and our business, and then came back to us with a program that helped us reach our long-term goals. They always ensured that we had a back-up alternative in the entire headquarters real estate process. This allowed our company to consistently negotiate from a position of strength to reach all our operational goals at reduced financial costs." -Client testimonial
Software Client, Approximately 260,000 RSF, Build-to-Suit/Lease Relocation
ProTen's client's lease was expiring and it was examining an entire Metro market for a new location for its headquarters. The existing location was not an option, as the client had outgrown the building.
ProTen conducted a wide search of the market and developed a market survey which covered existing buildings, land sites, and potential developments and redevelopments. We included local government municipalities in the process given the scope of the project.
We helped the client purchase a redevelopment site at below cost, then orchestrated a competitive bidding process for fee developers. They received a full array of government incentives. Further, we helped facilitate some bondable financing which resulted in our client's rental rate being significantly below market for the resulting brand new, state-of-the-art building.
"ProTen's principal's team was relentless in its pursuit of a transaction that afforded us superior space, great visibility, maximum flexibility, and complete protection through the unique, tri-party structure." -Client testimonial