LEVERAGING OFF-MARKET INFORMATION
This location is situated in Kitsilano, Vancouver, British Columbia in an area with less than 1% vacancy. The landlord was not interested in discussing a renewal of the client given the anchor retail tenant in the property had vacated their premises. The landlord took a firm position that they would not entertain a long-term renewal until they had replaced the anchor tenant.
The solution resided in being patient yet persistent in communicating with the landlord. Landmark secured consecutive 3-month lease extensions that allowed its client to remain in the building. Through its own contacts, Landmark discovered that a chain retailer had a serious interest in the vacant premises left by the anchor tenant. Landmark leveraged this knowledge to hasten renewal negotiations with the landlord.
Landmark was able to get the parties to sign a 5-year lease extension at reasonable terms and conditions thus securing the client’s occupancy and presence in this extremely tight market.