LEASE TERMINATION LEADS TO $189,082 OF SAVINGS
The market has not supported our client’s continued requirement for their light industrial location in Burnaby, BC.
Given that the client still had 45 months of term remaining, Landmark listed this property for sublease. Through extensive efforts Landmark was able to accumulate multiple sublease offers for full recovery from various groups in the market.
Through thoughtful processing, and quick cooperation with the landlord, Landmark was able to leverage the landlord’s request to expand a neighbouring tenant – in order to keep them in the complex rather than having them relocate due to a lack of space.
The termination allowed our client to exit the lease 45 months early, creating a total rent savings of $189,082.
Using strong negotiations skills Landmark was able to successfully acquire a penalty free early full termination vs. a sublease approval through the landlord, allowing the client no further obligation to maintain a subtenancy or headlease tenancy.
Landmark was able to ensure that the new tenancy was not one that would compete with our client, save them 100% of their remaining obligation, and negotiated for the landlord to undertake the management of all space reconciliation at no cost.