Girvin & Ferlazzo hired Cresa Albany to represent their firm in negotiations of its lease renewal in Corporate Woods. The client was considering whether to continue to lease at its current location, or relocate.
Cresa Albany assisted the client in establishing its space requirements by reviewing the client’s current footprint and analyzing any layout inefficiencies. Cresa Albany then conducted a market search of both existing office buildings and those to-be-built that had potential leasing opportunities. The comprehensive survey identified 34 possible locations for the client’s review.
Cresa Albany created and issued customized Request for Proposals (RFPs) to developers and owners of potential sites and completed a full economic and transactional analysis of the RFP responses.
In the final phase of the process Cresa Albany conducted final negotiations, including a complete lease review on behalf of the client. The landlord ultimately agreed to update the client’s suite to include new flooring, additional outlets, wall covering, a redecorated common lobby and restrooms, and other renovations at no charge plus a $15,000 allowance for improvements to use at any time throughout the lease term. Cresa Albany also successfully negotiated the client’s base year forward by 10 years, significantly lowering the client’s annual pass-thru expense obligation.