CHALLENGE
The client had a lease expiring during the COVID19 pandemic and circumstances prevented a timely negotiation. The existing renewal terms were also weighted heavily in favour of the Landlord.
SOLUTION
The Lab Occupier team was referred to the client by one of the largest organizations in the Toronto Life Sciences community. After auditing the original lease and renewal documentation, the strategy proposed enabled the tenant to do a longer-term renewal that aligned both lease expiries and renew at below-market rates.
RESULTS
Because the Lab Occupier team had an intimate understanding of the landlord’s expectations and the GTA life sciences real estate sector and, most importantly, employed a longer-term approach to generating value, the tenant was able to maximize their current and future negotiating leverage.
UNDISCLOSED CLIENT
QUICK FACTS:
One of Toronto’s largest Life Sciences Tenants
SIZE:
73,000 SQ. FT.
SERVICES:
Lab Renewal
