A publicly-traded chemicals company engaged Nick, our founder, initially to help sublease their Class A offices in The Woodlands during a challenging time in their business. Between this facility, their dated lab facility, and back-office suites, they occupied approximately 30,000sf across 3 different spaces in the submarket.
As the assignment continued, the scope of work changed to identifying a space which would allow the company to consolidate everyone under one roof. Finding a facility that could accomodate Class A offices to receive guests, host executives, and tour prospective customers, while at the same time supporting a world-class chemicals testing lab in a tight submarket was no easy task.
Nick leveraged their national credit, larger footprint for the submarket, and timing of the hyper-local real estate cycle to secure a solid deal a single tenant building. The site was initially not considered, but knowing the owner and their creativity, Nick put together a flagship campus for them.
Objective Outcomes
- Tenant secured a long-term lease on a single-tenant facility
- Tenant obtained a year of completely free rent
- Rental rates secured that are now ~35% below market rents
- Reduced client’s footprint in the city by 20% while still accommodating all employees
- Negotiated the right for tenant to audit the building’s operating expenses accounts and statements
