15 Year Lease  –  68,034 SF Office Building

AAA occupied a call center in Elkton, Maryland just across the Delaware border which was old and overcrowded. In conjunction with their Headquarters move to Delaware, they relocated to Newark to “piggy back” on the State incentives package. 200 Commerce was identified as the ideal location, right size and FF&E was included as the existing tenant was subleasing the space. A 15 year lease transaction was structured where the FF&E was included at no cost to AAA and the buyout of the existing tenant’s lease funded the tenant improvements needed for this space as well as an additional 12,000 sf in a building across the parking lot.  With six (6) years remaining on lease, Landlord approached AAA asking for additional term that would enable them to maximize sale price of property as they were looking to sell. In return for the additional term, AAA was able to terminate the lease on the 12,000 sf as well as secure tenant improvement dollars to freshen up the larger space.