The client occupied 14,905 sq. ft. of office space in one Oakville facility, and 13,850 sq. ft. of industrial
space in a second Oakville facility, both with a Lease expiring December 31, 2013. The client wanted to
consolidate, but were unsure as to what the optimal strategy would be and how they would optimize their
CBRE was quickly able to perform a Lease audit, producing a systematic report for the client which identified
the deficiencies of their existing sites. The CBRE Project Management Team was also engaged to determine
the client’s consolidation needs. A tour of select competitive properties was completed, which created speculation
in the market regarding the client’s plan of action. Negotiations commenced not only with the front
runner from this tour, but with the existing Landlord as well, in order to drive the best possible deal and to
create further speculation that a renewal was possible.
The End Result
The client commenced the development of a new 67,000 sq. ft. flex office development in Oakville, taking
25,800 sq. ft. for ten years. The client saved approximately $580,000 from the Landlord’s initial proposal,
and flexibility was maintained in the form of an Option to Terminate and a Right of First Refusal. Top of
building signage was also provided, which fulfilled their need for brand optimization.
- Consolidation of office and industrial space
- Significant monetary savings