Changing the Direction of a Company by Choosing Sublease over Renewal

Success Story by Doug Wise for Nanolumens
Client
  • Nanolumens
Space
  • 19,500 sq. ft.
Industry
  • Technology
Locations
  • Atlanta
Services Provided
  • Transaction Management
Cresa Team
  • Doug Wise

Client Objectives

• Nanolumens was under new leadership, that wanted to “change direction of the company.”

• Their initial goal was to renew current lease at lowest possible rent.

Results

• After Cresa’s initial visit, we saw Nanolumens had a tremendous amount of wasted space. We advised that they right-size the space and trade up into nicer space without increasing monthly cost.

• Hired an architect to provide workspace study and develop space allocation program.

• Identified a sublease in the market. Although it was twice as large as the required space, it only had 18 months term remaining and tenant was vacating the space, leaving furniture behind.

• Went directly to the landlord and got them to terminate vacating tenant’s lease, keep furniture in place for us, divide the space into the amount we needed, and make a direct lease with us at market rents with full buildout.

• The deal saved Nanolumens over $500,000 in furniture, equipment and cabling costs.

Have a problem with no real solution?

Contact Us