ECR successfully advises Praetorian, a local cybersecurity company, through a lease extension and space expansion in a Class A Downtown office building.
Client’s Goal
Be located in a Class A office building on or near Cesar Chavez.
Secure expansion space for future employee growth.
Avoid committing to a long-term lease.
Challenge
With a very tight supply of available office space at the time of the lease process, client focused on more move-in ready spaces due to not wanting to commit to a 5+ year lease term.
The employee growth wasn’t planned to occur until about 9-12 months after the lease commencement date and client didn’t want to pay for unused office space.
Strategy
ECR and client spent a few days touring all of the available lease options in the southern part of Downtown.
Because a neighboring space to client’s existing space was coming available about 9 months after the lease commencement, ECR prepared a strategy for a scheduled phase-in to the expansion space.
From the beginning, the team at ECR took the time to understand our specific circumstance and evolving needs. We had just completed our first fundraising round and had plans to ramp up hiring beyond the capacity of our current space. ECR worked diligently to come up with an array of solutions, one of which allowed us to remain in our current space while taking on additional, neighboring spaces over time as we scaled. ECR helped negotiate terms which allowed us to match our lease commitments to our hiring plan and in turn, meet our budget requirements.
Ryan Macia
Vice President, Finance
Results
ECR assisted client with a very attractive below market lease rate while providing client the ability to phase into neighboring expansion space around the time of their employee growth.
Client did not have to sign longer than a 4 year term on the expansion space while receiving a very attractive tenant improvement allowance from the landlord.
