- A telecommunications company came to Compass Commercial with a dilemma: they had occupied the same space for close to 10 years and were on a month to month lease when their landlord gave them a 30 day notice to move.
- Compass had less than a month to find them a new space, negotiate a lease and make sure they moved out in time.
- Compass contacted the landlords in the area who could react quickly with showings and request for proposals. Five potential locations were identified. Three requests for proposals were sent out for responses.
- Three locations competed for our clients business including their current landlord.
- The property manager in their current location told our client that by not including Compass in the deal they would get a better deal. “The deal” offered by the property manager was actually higher than the market rate for the building.
- The rental rate was reduced by .50/s.f. over the term of the lease
- The tenant received 6 months of free rent in the new location.
- Landlord gave them free space for 90 days while the new space was built out.
- The landlord provided a turnkey build out based upon the tenant specs.
- An overall reduction over the new lease term of five years for 2,500 s.f. was $68,000.