Clientek
The Situation
- In 2009, Clientek had occupied their existing building for over ten years and wanted to consider all of the real estate options for their growing information technology firm. This included either renewing their lease, relocating or purchasing.
- Clientek required a commercial real estate service provider that was focused, responsive and had extensive knowledge about the market. They hired Gannett Peak Partners (GPP) after two presentations.
The Approach
- After developing a strategic real estate approach that paralleled Clientek’s long-term plans, GPP focused on the purchase of a building.
- After touring more than ten buildings, GPP helped Cliented enter into a Letter of Intent for a building in Minneapolis.
- Entering into an LOI is one thing, closing is another and after some considerable analysis it was determined that leasing was the best approach for Clientek.
The Solution
- With three months remaining on Clientek’s lease, GPP and the client toured eight buildings and obtained three proposals which were analyzed and compared to the existing landlord’s proposal.
- Wanting to renew but not making progress with Clientek's existing landlord, GPP began to leverage the three proposals against each other.
The Result
- Clientek relocated to larger space overlooking Target Field, while obtaining significant rent and tenant improvement concessions—all of which covered their moving expenses.
- GPP worked with Clientek for over 18 months to secure improved space while Clientek focused on and continued growing its core business.
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