Renegotiation Saves International Auto Finance Company 30%
The brief
We’re not moving, but save us money
Bob Gibbons with REATA Commercial Realty, Inc. was contacted by the auto finance company regarding their upcoming lease expiration in the Dallas Fort Worth area. They had worked with one of the giant CRE companies and wanted a change. Independent representation with no conflicts of interest.
The need
The client wanted to extend their lease in place. No move was to be considered due to cost, disruption and only wanting a 5-year lease term.
The solution
The best way to ensure the best deal is to put the landlord in a position that they must compete to keep the tenant. Therefore, Bob sought proposals from other buildings to ensure word got out in the market. The project took over 20 months and included live Zoom tours as the client couldn’t travel due to covid. Tours were recorded for those who couldn’t participate live from the other side of the world.
After extensive negotiations, design, and analysis, a lease was signed at a total cost 30% less than the landlord’s initial offer. Not only were the economics better than the client expected, REATA was able to negotiate options to renew, expand, and contract.
REATA has now been engaged to help this client with additional requirements in the Dallas area and east coast.
