Tuesday, December 11, 2018
 
MAHOMES BOLDEN WARREN, PC
2,615 Rentable Square Feet
Situation

New firm in a short term sublease inclusive of furniture and equipment.  They received direct rental rate from Landlord 40% higher than sublease terms with no improvement allowance, right to expand, termination option, or on-site parking privileges.

 
Approach
  • Created competition for the Landlord by identifying alternate properties to accommodate the needs of Tenant and securing more favorable market rates and concessions
  • Successfully negotiated to have the Landlord's requirement of personal guarantee waived by repositioning the firm based upon seniority of the partners rather than as a start up law firm 
     
Results
  • Achieved a deal from current landlord 15%, vs. the 40% proposed, above Tenant’s current sublease terms
  • Tenant alternatively selected comparable property at terms 10% above their sublease terms, including a turnkey build out and rights to terminate, expand, renew, and an above market parking ratio.  
  • Additionly, OMS successfully negotiated to have the prior tenants furniture and equipment transferred at no cost to Tenant (valued in excess of $20,000)