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Challenge
Having recently closed on a substantial
venture capital round of funding, the client needed immediate growth and
consolidation from its current occupancy of several small offices.
Strategy
The strategy was to locate short-term
space to accommodate the client’s immediate need for additional square
footage, in conjunction with evaluating and securing a long-term
facility to house the entire company.
Result
A 9,000 square-foot interim space was secured within
walking distance of the client's then current location. Even though the
Landlord of this building required a five-year lease for the space, the
client only needed the space for six months. The client signed the
lease, and four months later we were successful in having the Landlord
recapture the space and relieve the client of its remaining 4.5 year
obligation and Lease Guarantee. Simultaneously, we were successful in
leasing all 53,000 square of Heritage Corporate Center, a new building
then under construction, at a time when numerous other companies were
vying for the same space. Net result was a wholesale move for the
client, combining their multiple offices into one corporate
headquarters. Four months after the lease was executed, the client had
already realized a $3.00 per square foot savings compared to current
market rents.
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“Jason not only
recognized and leveraged the prevailing market forces to secure the
best overall value for the Bank, but also took the time to
understand our internal space needs which really yielded significant
dividends. Jason also is extremely familiar with the legal
documentation. Our internal counsel was delighted to work with
someone truly concerned with the detail of the transaction which can
be so easily overlooked.”
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