Multi-National Client, Approximately 80,000 RSF, Lease Renewal
ProTen's analysis of the client's US Headquarters lease determined that they were significantly overpaying. Our client desired to significantly reduce their rent, do some remodeling and extend for as short a time as possible.
ProTen leveraged the market and the tenant's termination right by finding the landlords who would pick-up the client's early termination fee.
ProTen traded in the termination right and extended the lease by only one additional year in exchange for a 33% rental rate reduction, a substantial remodeling allowance, and multiple contraction rights.
"I have worked with many brokerage firms in my 30+ years in the commercial real estate field and I cannot tell you how much I have enjoyed working with the ProTen team. Talk about professional and being a partner...I truly felt like the entire ProTen team was looking out for our best interest throughout the process." -Client testimonial
National Client, Approximately 42,000 RSF, Lease Renewal
ProTen's client was relocating a portion of this regional operations center to its US Headquarters, thus requiring a downsize. ProTen had done the original 7 year deal and incorporated a termination right at the end of year 5 for a nominal penalty.
ProTen found 3 locations in the immediate area that would offer the high parking ratio of 5.5/1,000 RSF, reduce both the rent and the footprint of the space, and pick-up the penalty.
ProTen orchestrated a "trade-in" of the cancellation right and renewed for only 2 years at a reduced space size. These efforts resulted in achieving a $1.1 million reduction in occupancy costs over the remaining 3 years of the original term, received some remodeling dollars, and got the landlord to pay for both an emergency generator and UPS totaling $450,000.
“When I stepped into this position, ProTen was already doing work for us. I discovered that ProTen takes a very strategic and analytical approach to our entire facility portfolio. They offer us assistance and guidance on every one of our real estate needs. We continue to work with ProTen for our North American operations because of their excellent responsiveness and results.” -Client testimonial