Evans & Associates

Monday, May 21, 2012

Case Studies Evans & Associates

EVANS & ASSOCIATES / ATWELL DESIGN
Renewal
1,763 Rentable Square Feet

Situation

Tenant had been in their current space for over ten years, each time renewing on an as-is basis. Three months remained on their lease with an option to renew at an above market, fixed rate. The current lease had no termination, assignment/subletting, expansion, or renewal rights. Prior to OMS’ involvement, there were no tenant improvements offered, caps on operating expenses, and the Tenant was led to be believe that the installation of a sink in the break area was not feasible.

Approach

Achieved a 20% rental rate reduction from terms initially offered.
Secured the following rights previously unavailable to Tenant:
- Right to Sublet/Assign the premises
- A Termination right after the 3rd year of the 5 year renewal term.
- Two (2), renewal options
- Improvement allowance for new sink and painting of the premises.
- Nullified Landlord’s relocation right

Results

Immediately created competition for the Landlord by identifying alternate properties that could accommodate the needs of the Tenant.
Created leverage with the current landlord by securing more favorable market rates and concessions from competitive properties in the Central Business District.
Differentiated Tenant based upon their history and payment performance to secure addition concessions and below market rates for their current property.

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