CHALLENGE

The Niagara Community Care Access Centre (NCCAC), a not-for-profit healthcare provider, had a lease expiring in a tertiary office market with few viable options. Accordingly, the incumbent landlord was asking very aggressive renewal rates and the tenant felt they were being held ransom by their landlord.

SOLUTION

The Occupier team was retained by the tenant to act on their behalf and after combing the market discovered a vacant retail plaza that could easily be converted to office space. The plaza owner, faced with continued vacancy in a soft retail market, was very open to helping make the transaction happen and a long-term lease was negotiated at rental rates that greatly improved the tenant’s bottom line in addition to providing strategic options that offered the tenant flexibility to expand, contract and/or vacate during their lease term.

RESULTS

The tenant relocated into more efficient space in a re-purposed building that was considerably less expensive than the renewal proposed by their former landlord and the new office not only improved the average staff commute but was also closer to retail amenities.