1 Robert Speck Parkway
QUICK FACTS:
Expansion & Renewal
Focus on Reducing Overhead
SIZE:
24,856 SQ. FT.
SERVICES:
Tenant Representation
Renewal Services
CHALLENGE
Brink’s Canada had occupied the full 10th floor at 1 Robert Speck Parkway in the Mississauga City Centre for 10 years and wanted to renew and expand but there was no contiguous space available in the building.
SOLUTION
A space needs analysis suggested the tenant required growth of 50% and a review of the building determined space was available on the second floor. Because contiguous space was preferred the Occupier team was retained to identify relocation options. A Request for Proposal established the market for the Brink’s requirement and the incumbent landlord was informed they would have to significantly drop their financial expectations on a renewal because of their inability to provide contiguous office space.
RESULTS
Brink’s renewed it lease on the 10th floor and leased non-contiguous space on the 2nd floor at rates significantly below the landlord’s initial proposal and the Occupier team negotiated further landlord concessions that included free rent, a significantly higher tenant improvement allowance and an option to terminate.
