Office Relocation: Therapy Group

Summary

A therapy group utilized Crown Tenant Advisors to help them save over $279,695 over the term of their lease.

Challenge

  • Well established practice located in an undesirable office building.
  • Practice not using their 4,200 SF efficiently.
  • Identify whether retail or office space would be the best facility for practice.
  • Lower out-of-pocket expenses for the practice’s move.

Solution

  • Toured 3 different areas to narrow down the prospective properties.
  • Selected upscale retail center located within 3 miles of current practice to retain patients.
  • Practice benefitted from signage and close proximity to elementary school and pediatric dental practice.
  • Leveraged the market to negotiate an aggressive Rental Rate, Tenant Improvement Allowance, and Free Rent.

Benefits

  • $114,000 of Tenant Improvement Allowance to build out space.
  • 7 months of Free Rent ($26,045).
  • Reduction of over $139,650 off the marketed Rental Rate.
  • Avoided future expenses by locking into a Rental Rate determined by a Tenant favorable real estate market.