Gestion des transactions
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.