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.
The Situation
18-months prior to lease expiration, Lowrey Burnett and Justin Rayburn, tenant representatives, were tasked with developing a relocation and sublease/lease termination strategy.
The Challenges
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 Result
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.
The Stat
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.
