Marcus Lipsey / September 28, 2023
When this client initially engaged our team, they were paying 10% above the building rate and had a lease expiring in 12 months. The landlord had approached them about an early renewal and offered a couple of months of free rent. The client had used a tenant representative from a larger firm, but we felt the initial lease was poorly negotiated and not very tenant friendly. Up engagement we presented six available alternatives that would sign a lease that did not commence for a year. This created competition for tenancy and fear of loss for the current Landlord. We also leveraged our hyperlocal market knowledge to discover the landlord was facing a pending refinancing event. We leveraged the tenants position to secure long-term below market economics and a generous improvement and furniture allowance to update their space.