Lease Renewal
DISTRIBUTION CENTRE IN EDMONTON, ALBERTA, CANADA
 
 
The Challenge

 

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.

The Solution

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.

  

The Result

 

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.