Gravity Lending

ECR Solves Rapid Growth for Gravity Lending in North Austin

Client’s Goal

• To quickly find office space that could effectively accommodate the financial service company’s rapid growth, provide future opportunities to expand, and resolve the pain points the client experienced in their current space.

Challenge

Part 1: “Initial Space”

• Gravity Lending’s requirement: quickly find a high-quality office +/- 10,000 SF to accommodate their immediate space needs while maintaining short-term flexibility and expansion opportunities.

Part 2: “Expansion Space”

• Shortly after signing a 13,000 SF lease, Gravity Lending filled their entire new space and needed another 10,000 SF. Company growth far exceeded projections.
• Due to tenant activity on the other vacancies in the project and Gravity Lending’s short-term requirement, the landlord did not accommodate Gravity Lending’s expansion need.
• ECR was tasked with finding short-term, move-in-ready options (with furniture in place) within a 1-mile radius of Gravity’s new location.

Strategy

Part 1: “Initial Space”

• ECR identified a great property that aligned with Gravity Lending’s goals and effectively structured and negotiated long-term growth options.

Part 2: “Expansion Space”

• ECR identified move-in ready properties which aligned with Gravity Lending’s goals and efficiently negotiated the best option in the shortest time possible (less than 30 days) to achieve the targeted timeline.

Results

Part 1: “Initial Space”

• ECR successfully negotiated a property near The Domain that provided Gravity Lending with two months of abated rent, a reduced rate, turn-key construction, and a phase-in rent structure, where Gravity Lending was only obligated to pay on 80% of the space leased for the first 12 months of the 50-month lease term. The phase-in structure alone saved Gravity Lending more than $50,000 on their lease obligation during the first 12 months of the lease term, in addition to the other rent savings of about $200,000.

Part 2: “Expansion Space”

• ECR sourced and presented four move-in-ready options within a mile of the other office and focused on the option that would best achieve Gravity’s goals.

• ECR was successful in negotiating lease terms that included the use of in-place furniture at no cost to Gravity, two months of abated rent, and a 22% reduction in annual rent increases.

• ECR assisted with finalizing this lease in less than 30-days from the tour date.