A national insurance company wanted to upgrade its image within the marketplace and relocate to a more desirable area in Northwest Denver that would offer better amenities to its employees and increase employee happiness and engagement.
18-months prior to lease expiration, Lowrey Burnett and Justin Rayburn, tenant representatives, were tasked with developing a relocation and sublease/lease termination strategy.
Burnett and Rayburn needed to market the existing space to a new subtenant while simultaneously hosting lease buyout discussions with the landlord. In addition, it was imperative to identify a realistic timeline for relocation, identify and tour qualified market alternatives, design the premises, and negotiate a lease for a new location.
The client relocated six-months prior to their existing lease expiration, saved 23% on the initially quoted new building rental rate, negotiated a full tenant build-out, and secured a moving allowance in excess of $100,000. In addition, the client was successful in terminating the former lease agreement 5-months prior to lease expiration saving approximately $95,000.
If you’re interested in relocation, Lowrey Burnett and Justin Rayburn are here to help. Contact us today at Fountainhead Commercial to ensure you secure the right space, at the right space.