Displaying items by tag: opening
Through a channel partner, we were referred to the Australian financial services company, Finstro, as they were reaching out into the U.S. cannabis industry to provide their innovative customer payments solutions. The company needed to establish a staffed, physical presence in the Denver region within three months to fulfill commitments they had made to their U.S. banking partner.
Finstro needed approximately 5,500 square feet of space, including 20% conference/huddle rooms, several executive offices, and shared space for their sales team.
It was a privilege to educate the Finstro team about the Denver region’s commercial real estate market, including what items are negotiable, what concessions to press for, the various lease structures, and even the differences in vernacular. We helped these company executives understand their options so they could make the best choice for their company and be in a strong position to explain and validate their decision to their shareholders.
The team knew enough about Denver to know they wanted to be in the downtown area with access to clients and to recruit the caliber of employees they wanted. The executives came to Denver twice for half-day site visits over a two-week period. In that limited time , we did an extensive review of properties on both ends of downtown (from LoDo to the Northeast side) and all points in between. We also presented the differences between Class C, Class B, and Class A properties.
The price points, access to employee transportation, and the availability of the necessary spec suites led us ultimately to 1660 Lincoln, a Class B+ property that ideally suited their needs, budget, and brand. We reviewed with the property manager the recent HVAC and other improvements they had made to the property.
Negotiations went very well, and we were able to secure the leasing agreement with few concessions, especially given that the tenant was a foreign-owned company and this was their first location in the U.S. The lease was concluded with very minimal out-of-pocket contractual payments.
We were also able to provide value to the Finstro team by recommending local commercial service providers, from cabling and Internet to legal services and furniture suppliers. After vetting them, the company ended up engaging with each one. Thanks to the landlord and these service providers, the space was move-in ready within their very short timeframe.