ECR successfully saved Richards, Rodriguez, & Skeith over 85% of their remaining lease obligation by securing a subtenant for their oversized office space in Downtown Austin
Client’s Goal
Locate a subtenant to sublease 11,034 SF of office space at 816 Congress for the lease term duration, in order to save the firm money on space that they werenot utilizing.
Challenge
The firm signed an extension before the onset of the pandemic and realized in early 2021 that they would not be needing as much space as they did previously.
Austin was experiencing a record amount of sublease space on the market, and we were tasked with navigating these difficult market conditions to locate a subtenant.
Strategy
ECR’s brokers completed a market study of direct and sublease options to determine a sublease rate that would yield the best results for the client.
ECR initiated a marketing plan consisting of directcalling tenants in the area.
The assistance of the ECR team was invaluable. In addition to showing us numerous viable options, they provided background research to help us make a good decision. I especially appreciated Jason Steinberg’s input in the negotiation process. We were able to attain additional benefits for which we would not have requested without his knowledge of the market and the lessor.
Jim Howicz
Managing Partner
Results
ECR helped their client save money by finding a high-credit subtenant for their space and releasing them from over 85% of their remaining lease obligation.
ECR’s brokers successfully negotiated an immediate start date, and no improvement allowance was provided.
