DISTRIBUTION CENTRE IN EDMONTON, ALBERTA, CANADA
Our client occupies a 115,000-square-foot dilapidated building with mold infestation in the front envelope along the office space. Relocation was not an alternative for various business reasons. Consequently, renewing the lease for a building with numerous physical issues was the mandate we received. The property is owned by an institutional insurance company.
We refused to enter into renewal discussions until the landlord provided a building condition assessment report by a third-party engineering firm of our choice. The report became the basis for negotiation of landlord’s work to form part of the renewal.
We collaborated with this landlord to negotiate a win-win solution by extending the lease for 5 years at market rates with the landlord completely renovating the building including a new roof, new systems, and a new building front envelope.