Three Year Extension Negotiated at Below Market Rent for Downsizing Tenant
3 Year Extension – 26,158 SF Office Building
DBR had been a tenant at 105 College Road East for 20+ years and had recently been downsizing from over 50,000 sf. They were unhappy with base buildings issues such as outdated elevators, HVAC issues, rest rooms in need of upgrades and lighting/paving in the parking lot. They engaged the market to leverage their position with landlord, but only wanted to commit to a three (3) lease term. The challenge was finding space that did not require substantial tenant improvement as there were several other projects around the country that required capital as well. In the end, the threat of leaving brought the landlord to the table and he agreed to address all the issues of concern with no out of pocket cost to DBR. A three (3) extension was negotiated at a below market rent as well as a renewal to encumber the space for a potential extension in the future.