redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2

CASE STUDY: The College of Family Physicians of Canada

Expanded and extended term for 5 years

Key Information

Client

The College of Family Physicians of Canada

Location

2630 Skymark Avenue, Mississauga, ON

Topline

Expanded and extended term for 5 years

Size

44,147 sq. ft.

Timeline

Q4 2009 to Q3 2010
 

 

The Challenge

 

The Tenant occupied 30,966 SF on multiple floors within 2630 Skymark Avenue, and had a lease expiry of December 31st, 2015. There was a Termination Right available which could be exercised on December 31st, 2011 with one year’s written notice to the Landlord (Bentall Kennedy). The Tenant anticipated growth and their existing layout no longer met their needs.

 

The Solution

 

CBRE immediately embarked on negotiations with the Landlord for a reduced rental rate which was leveraged by extending the existing term and an increased footprint in the building. Two properties were selected as stalking horses to capitalize on the existing soft market conditions. CBRE resumed negotiations with the existing Landlord, revealing the viable relocation alternatives, and thus providing the Tenant with significant negotiating leverage.

 

The End Result

 

The Tenant expanded into an additional 13,181 SF and extended their term for an additional 5 years. Through negotiations, the Tenant saved $500,000 and their basic rent decreased between $2.50/SF and $3.00/SF per year, along with a Tenant Improvement Allowance of $17.50/SF for both the existing and expanded premises (a value of $772,000).

 

Quick Facts

 

  • Termination right leverage
  • Expanded and extended term for 5 years
  • Significant monetary savings up front and throughout the remainder of the term

The College of Family Physicians of Canada

Connect With Us to Learn More

David Potter
David J. Potter*
Executive Vice President, Office Leasing
Advisory & Transaction
*Sales Representative
+1 416 798 6239
+1 416 271 1373
+1 416 674 6575
John Potter
John Potter*, MBA
Senior Vice President, Office Leasing
Advisory & Transaction
*Sales Representative
+1 416 798 6242
+1 647 501 3832
+1 416 674 6575
Kathryn Schubert
Kathryn Schubert*
Vice President
Advisory & Transaction
*Sales Representative
+1 416 798 6234
Kristine Doner*
Marketing Coordinator
Advisory & Transaction
*Sales Representative
+ 416 798 6283