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Burlingame, CA

1710 Gilbreth

“A new HQ”

Posted In — Success Stories |

Situation

When our team was retained to represent a well-known professional non-profit to handle their new headquarters search, we were determined to bring the pieces together for them. That meant not only getting a tenant to sublease their current 25K SF office space, but also to simultaneously find a new headquarters building. We ensured them it would be ready for their occupancy in a timely manner. After a month long search of available properties for sale without finding good leads, we changed our outlook to ensure our client had the best picture of the market. We then began approaching building owners that had property for lease, not for sale.

This strategy yielded success: we found our client an off-market property that they could buy. It had previously been only being marketed as “for lease.” The property was in the right city and had the visibility that was at the top of the list of must haves and was available well within budget. The older 33K SF building was in need of renovation, so we advised our client of the plans and guided them in the improvements.

Result

Upon the closing of escrow, the new ownership worked with the previous owner to assist in providing short term space in their old HQ while retrofitting the new HQ, where eventually both groups would move into their newly remodeled building. At the same time, our marketing efforts for their office space sublease also found success: a credit sub-tenant who subleased the full 25K SF for the remaining term of the lease. It saved our client millions of dollars in its lease liability.

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