Region: Minneapolis
Services Provided: Tenant Representation, Financial Analysis, Lease Buyout/Sublease, Lease Negotiation
Size: 20,000 SF
CHALLENGE
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NELSON’s growth made it necessary to reevaluate their real estate needs.
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Their current lease was for 14,000 square feet of space at 1201 Marquette Avenue with the lease running through 2025 with no room to grow their expanding business.
SOLUTION
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Jim immediately put the current NELSON space on the market for sublease and started lease termination negotiations with the landlord.
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Jim explained to the current landlord that if they take the space back, they would have more control over who ultimately moves into the space versus if NELSON were to sublease the space.
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Knowing the market options and what landlords would get creative on deal structure, Jim was quickly able to find several landlords that would take on NELSON’s lease buyout number in exchange for a new, long-term lease in another location in which NELSON could grow throughout the lease.
RESULTS
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The transaction gave NELSON a great economic and space-flexibility solution that will allow them to grow and thrive for the next 10+ years in a space ideal for retaining and attracting top talent.