RESPONDING TO THE SUDDEN LOSS OF OCCUPANCY IN A TIGHT MARKET
Landmark’s client was occupying 20,000 sq. ft. with an unstable and unsophisticated landlord. The client had no options to renew and was occupying the premises on a month-to-month basis.
While finalizing discussions for a long-term renewal and expansion, the landlord suddenly and unexpectedly withdrew from the negotiations, deciding instead to lease the space to another tenant. Our client was left with 60 days to vacate in a market with very low vacancy and facing the very real possibility of being forced to close operations.
Landmark’s Relationship Management Team immediately mobilized, searching publicly listed and off-market opportunities. After contacting countless real estate agents, landlords, developers, and the local economic development offices, 4 potential sites were identified within 1 week.
Site visits were scheduled for the following days and within 2 weeks from receipt of the termination notice, an agreement in principal was reached for a suitable relocation site. Landmark’s in-house real estate lawyers produced a new lease within 48 hours while our in-house urban planners navigated permitting with the City.
The client was able to relocate within 60 days avoiding any downtime or lost revenues. They are enjoying occupancy of a newer, higher quality facility with a landlord that appreciates and values their tenancy.
The Client said:
"While receiving a 60 day termination notice was a blow to our short term needs, I was confident Landmark would be able to locate and pull a lease together. In the span of two weeks, they secured us with a location that would not only meet our immediate requirements, but provide a facility that will allow us to grow our services over the coming years.
Once the documents were secured, we were able to plan, execute and move with in the course of six weeks. This couldn’t have worked out better. We ended up with both a superior building and location, plus the added bonus of an improved work environment for our employees!"