Changing the Direction of a Company by Choosing Sublease over Renewal
- 19,500 sq. ft.
- Transaction Management
- Doug Wise
client objectives and resultsSee more success stories
- Nanolumens was under new leadership that wanted to “change the direction of the company.”
- The client’s initial goal was to renew its current lease at the lowest possible rent.
- After the initial visit, Cresa saw Nanolumens had a tremendous amount of wasted space. Cresa advised that they right-size the space and trade up into nicer space without increasing their monthly cost. Cresa hired an architect to provide a workspace study and develop a space allocation program for the client.
- Cresa identified a sublease in the market that met all of Nanolumens’ requirements. Although it was twice as large as the required space, it only had a 18 month term remaining. The tenant was vacating the space and leaving the furniture behind. Cresa got the landlord to terminate vacating the tenant’s lease while keeping the furniture in place, dividing the space to meet the desired requirements, and making a direct lease at market rents with full buildout.
- The deal saved Nanolumens over $500,000 in furniture, equipment and cabling costs.