Moving…But Not When They Thought
The brief
Financial services firm desperately needed to move, but COVID had other ideas
Bob Gibbons with REATA Commercial Realty, Inc. had a long-term financial services client that desperately needed to expand.
The need
Client had outgrown the space they were in and wanted to upgrade their building and their landlord. Enter COVID!
The solution
After an extensive search and tours, an excellent new location was identified and a lease negotiated. That was March 2020. Enter the pandemic. Financial markets were in turmoil and the planned hires were delayed. So Bob recommended a 12-month extension to let the financial/political/business environment settle down. The extension was signed and the client hunkered down to see what the next year delivered.
Several months later, the client was ready to start the relocation discussions again. While many locations were available, the client wanted to go back to the same building from several months earlier. Now, however, with the pandemic in full swing, Bob was able to negotiate a much better deal – the rental rate went down only by $1.00, but 4 months free rent went to 12 months and the improvements allowance went from $35.00 to $58.00. Overall, the savings to the client exceeded 35%. The space is gorgeous! A very happy, albeit patient client!
REATA has worked with this client over 18 years.
