ClearCube Technology hired ECR to serve as its commercial real estate brokerage firm and consultant after failing to realize a solution to its needs with multiple other service providers. At the time of hiring ECR, ClearCube had a multi-year lease for approximately 40,000 RSF with a real requirement for less than half of this space. ClearCube was spread out among the large space resulting in a very high monthly office rental expense, inefficiencies in operations, and a lack of connection among employees. Further, ClearCube was in need of a new office environment with a strong preference to own its property for the long-term.
ECR met with ClearCube and performed research to better understand their actual real estate requirements as well as potential solutions. Architect resources were utilized to perform studies of how the current office space could be most efficiently used to free up vacant space. ECR explored all options from negotiating a buy-out, to downsizing and restructuring the lease, as well as subleasing excess space.
After exploring all options, the most cost-effective solution was to sublease the excess space. ECR implemented an aggressive marketing campaign and within 10 months, all the excess space was subleased, saving ClearCube over $300,000 per year. Then ECR began analyzing lease versus purchase opportunities for ClearCube. Multiple opportunities were presented including financial analysis comparisons for each property. With sales options limited, ECR found an off-market opportunity which fit ClearCube’s needs very well and proactively negotiated with the new owner to sell the property.
ClearCube Technology has been working with ECR for the past 3 years and has always gone above and beyond our expectations. Our broker is professional is extremely organized, punctual and highly skilled in the commercial real estate field. ECR’s unique and innovative skills have saved our company thousands of dollars. You will not find harder working and more talented representatives in the industry... I highly recommend ECR to anyone looking for a great commercial Real Estate Broker.
ECR and ClearCube were able to negotiate a purchase agreement for 3700 Parmer Lane while this property was off-market at a substantial discount compared to the other offerings available in the marketplace. Further, the property provided the location and access to amenities the company wanted. ClearCube now owns 3700 Parmer Lane as their long-term corporate headquarters. Through strategy, subleasing, being proactive and diligent, ECR and ClearCube have worked together to save hundreds of thousands of dollars and to realize the solutions ClearCube needed and deserved.