Our team originally negotiated a five-year lease on behalf of Falcon/Mako at 1875 Lawrence, Denver in 2006. In 2011, we were again retained to negotiate an extension of their lease and to downsize the space from 14,000 square feet to approximately 7,500 square feet with a maximum three-year commitment or secure a new location. It was critical to the client that we maximize savings in the first year of the renewal or new lease.
What our team accomplished:
• Located a preferable alternative location, thus creating leverage
• Generated savings to the client in the first year of $204,000 over their prior annual commitment
• Negotiated a turnkey build-out of the new space at no cost to the client
• Negotiated a five-year lease with a right to cancel after three years without a penalty
• Avoided a holdover penalty of $43,000 by securing a commitment from the new landlord to build out the new space in 30 days, which was accomplished