OBTAINING CONSTRUCTION SAVINGS AND BETTER LEASE TERMS FOR A SHOWROOM
Our client had budgeted over $100,000 in capital expenditures to revamp their whole showroom in Saint-Jean-sur-Richelieu, QC. The landlord offered to complete the work but to amortize the costs in the base rent over the term, therefore increasing the base rent amount from $14.00 per square foot to $18.00 per square foot.
Landmark met with the landlord, on site, to negotiate the renewal transaction in the client’s favor by requesting the landlord complete all tenant improvements and to pay for all related costs. Furthermore, Landmark was able maintain the rent at market rate for similar buildings while securing a longer term.
Landmark was able to achieve a 10-year lease extension agreement and to keep the rent at a $15.50 per square foot average for 10 years. The landlord completed the work to the client’s standards at their own cost and expense, which represented a minimum of $75,000 savings for the client in construction alone.