ECR negotiates expansion rights and attractive lease rates for fast-growing Levelset in Downtown Austin
Client’s Goal
Open new office in Austin for a sales team
Located in Downtown Austin
Very short-term lease (no longer than 18 months) with below-market lease rates, which was being driven by Levelset’s budget.
Challenge
Downtown landlords are increasing lease rates and pushing for longer lease terms due to short supply.
Strategy
ECR’s brokerage team searched the downtown market through online listings, calling brokers, and previewing spaces.
ECR provided Levelset with a detailed and comprehensive list of all short-term lease options (18 months or less). ECR also provided options to consider outside of Downtown for Levelset to compare.
The brokerage team at ECR is the best that I’ve worked with in any market. They are strategic, responsive, and always put the work in to turn something around quickly. We are venture-backed, so it’s a constant challenge to balance adding space when we need it and not over committing. They have made it easy, and I look forward to solving the next challenge with their help.
Bradford Walker
Levelset
Results
ECR’s brokerage team negotiated a 12 month sublease term for Levelset to open their Austin office and hire employees immediately.
ECR then advised Levelset with a new office lease in a nearby building to double its office space, have a turn-key build-out with new, creative office finishes, and secure expansion rights and renewal options within the building to allow for future growth.
Lease rates are 30-40% below the average lease rate in Downtown Austin
