SUBLEASES & BUY-OUTS
Purchasing Company Client, 245,000 RSF, Sub-Sublease
ProTen's client purchased a locally-based company which had just completed a 12 year sublease to relocate its headquarters. But, the client was relocating most of the local operations to other of its existing locations. ProTen's challenge was to find a company to sub-sublease 7 floors of an office building.
ProTen reviewed, identified, and contacted all the major companies that needed large amounts of space, finding a suitable match in a short amount of time.
In the end, the client recovered 87% of its 12 year liability, with just over 8 months of marketing time and all in a tenant's market. The transaction structure (completed with 27 separate documents) effectively removed an enormous amount of residual obligation as well.
"ProTen's principals were relentless in their efforts on our behalf. Within the first two weeks of marketing the space, they had already completed 5 showings and issued 5 proposals. Their proprietary Financial Pro Forma that they developed made our decision process very easy. We were delighted with the outcome." -Client testimonial