Green & Seifter Attorneys/CPA Firm

Green & Seifter ("G&S") had one year remaining on a 7-year lease. Their rental rate had increased their overall occupancy costs above competitive market space. The company was in an expansion mode and did not want to commit any funds for expansion with only a year left on the lease.

Objectives:

• Lower the firm's occupancy costs
• Provide for immediate expansion and finalize terms and conditions so the firm could expand in regular intervals in the future, and "cap" future occupancy costs in order to protect G&S from rising operating expenses and tax increases
• Find suitable locations G&S could move into prior to their lease expiration to accommodate their immediate growth needs
• Negotiate with the present landlord for an early renewal and expansion

Process:

• Performed comprehensive market review for suitable alternate locations and forwarded Requests for Proposals (RFPs) to select owners
• Coordinated space plans (test fits) at each potential site
• Created competitive environment to convince present landlord that G&S was committed to finding an alternate location

Results:

• An immediate reduction in the base rent was obtained
• Expansion space was offered immediately with an improvement allowance sufficient to build out the space and temporary space was offered at no cost while the new space was being constructed
• The firm's concern over long-term growth and rising rates was met by setting specific space options and a fixed base rent over the next 10 years

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