ECR consolidated SF and locked in a reduced rate for Orion through an extend and blend strategy while still maintaining flexibility and growth options.
- Reduce near term lease costs and conserve cash during The Great Recession.
- Sublease or terminate lease on under utilized space.
- Consolidate operations to single floor.
- Market rates had decreased, and Tenant was paying above market rates.
- Twenty-four months left on the lease.
- 31% of space was not being used and office space was on separate floors.
- Wanted flexibility for future growth as the economy rebounded.
- Market space for sublease to create leverage in negotiations.
- Approach landlord with extend and blend option for long-term tenancy at building.
- Negotiate expansion options to accommodate future growth and long-term tenancy.
- Lock-in lower rates to hedge against future rental rate increases.
- Negotiated extend and blend immediately reducing lease costs and conserving cash.
- Consolidated to a single floor and reduced square feet leased.
- Negotiated ROFO options on contiguous space that coincided with timing of future growth.
- Effectively arranged a termination option providing increased flexibility.
- Secured below market lease rate.
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