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Darwin Realty & Development Corporation
Lease Renewal
Naperville, IL
150,000 SF
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Action Steps
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- Landlord had purchased building two years prior and was out-of-town private partnership.
Tenant business slow and needed to reduce occupancy costs.
Tenant had major costs to relocate/desired to renew.
Space had not been improved for 10 years.
- Conducted meeting with Landlord and tenant to clarify requirements to renew.
12 months prior to lease expiration, provided market information, property tours, etc.
Negotiated with three competing Landlords to leverage to market rent and negotiate concessions.
Renegotiated lease financial terms and tenant maintenance/replacement responsibilities.
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Results
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- COST SAVINGS TO CLIENT:
Tenant Improvements & Capital $ 250,000
Lower Future Operating Expense $ 300,000
No Moving Expense $ 430,000
Lower Rent from Landlord
Original Proposal (Long-Term
Security) $1,074,000
Total Leasehold Savings $2,054,000
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