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Challenge
The privately held early stage technology
company was the first successful entity to be spun out of Boeing
Ventures - Boeing's internal venture capital organization. The
technology was partnered with over $5 million in private investment from
Polaris Venture Partners. Having yet launched the product, and focusing
on an enterprise level sale, the client was in need of engaging a
downtown Bellevue property owner willing to gamble on a small
sized-tenant with a short-term requirement.
Strategy
The strategy was to find the right
accommodating landlord with a space that would require little to no
retrofit, therefore affording the client to take immediate occupancy
with minimal out-of-pocket cost to the landlord, thereby providing a
better chance at a short term lease with little tenant
securitization. If all went according to plan, this Landlord would
then have a chance at securing a long-term lease with a large scale
sustainable tenant.
Result
The result was an initial eighteen (18)
month 7,000 square foot direct lease with Equity Office Properties-
downtown Bellevue’s largest landlord, in a space that required minimal
improvements. Less than twelve (12) months later the client outgrew the
premises and a new long-term full floor lease was negotiated. Both
transactions provided for dramatic upfront concessions, in the form of
free rent, space pocketing and free parking, allowing the client's
occupancy costs to coincide with its future increasing revenue schedule. |
“Jason Smith came highly referred
to us through our bankers. We were immediately impressed with
Jason’s knowledge and experience, particularly how it relates to
high-tech companies. We also liked the fact that Jason only
represents tenants. This focus has clearly given Jason a solid
understanding of the needs of tenants, some of these needs being
obvious ones, but others he brought to our attention that we had not
even considered. Jason’s commitment to us, despite the limited size
of the initial deal, was invaluable. Jason took the time and care up
front to really understand our needs. During the entire process we
had the sense that we were his only client. This also became evident
during our negotiations process as Jason made sure each of our
concerns was addressed appropriately. I work with numerous service
providers in varying industries and Jason is an exceptional
performer. Jason is an expert at what he does and he truly cares
about his client’s best interests.”
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