A Matter of Timing
SITUATION – Years Ahead
Although Baker & McKenzie’s lease wasn’t due to expire for several years, the Blanca team provided an update on market conditions and the landlord’s vulnerable position, recommending that renewal negotiations begin immediately.
STRATEGY- Create Competition
We led and managed a strategic process which, due to the long period of time until lease expiration, initially met with lukewarm responses from many landlords. However, the Blanca team persevered, creating effective competition for Baker & McKenzie’s tenancy.
RESULTS – Early Bird Catches the Worm
The client was delighted as the Blanca team successfully negotiated:
- An early recast extension of lease, reducing occupancy expense by 15%.
- Concessions including free rent; flexibility to expand, contract and terminate lease, and; cash allowance for renovations.