BEST & FLANAGAN

TENANT REPRESENTATION
30,000 SF NEW LEASE

Best & Flanagan’s lease expiration was three years out, but the law firm required new space and wanted to capitalize on current market conditions. We were engaged to assist with securing space to accommodate the firm’s new requirement.

CHALLENGES:
  • Enlist an architect to conduct a space study, help determine the optimum square footage requirement, and maximize space utilization.
  • Conduct a comprehensive search of the CBD office market, including redevelopment options and multiple existing building options.
  • Evaluate the firm’s existing building (Capella Tower) to determine if it met the firm’s long-term strategy.
  • Complete a cost/benefit analysis (which ultimately resulted in the firm relocating to RBC Plaza).

 

SOLUTIONS:
  • The client’s existing lease for approximately 40,000 sf was reduced to approximately 30,000 sf providing cost savings and efficiencies.
  • The new space utilized existing improvements to minimize improvement costs.
  • We negotiated staggered free rent and a sufficient tenant improvement allowance to alleviate cash-flow concerns.
  • The client reduced their average annual occupancy cost while getting new space outfitted with new furniture, fixtures, and equipment.