Oakwood Worldwide Corporation - 23.73% savings
The situation:
- Oakwood Worldwide, a large global temporary housing company, needed to locate closer to a main highway system and closer to their clients located further north in the Twin Cities.
- Oakwood needed approximately 15% larger warehouse space for distribution needs, but needed to pay at or lower than their existing monthly rent obligation.
- Gannett Peak Partners (GPP) was hired to identify, negotiate, and conclude a lease transaction.
The Approach:
- GPP knew that a Real Estate Investment Trust “REIT” was about to place their Twin Cities portfolio on the market. Since GPP knew that occupancy was key to achieve a higher price they approached this REIT first to strike a deal.
The Solution:
- GPP leveraged the current depressed commerical real estate market and piggy-backed on the REIT’s desire to increase occupancy.
- GPP also identified two additional options not owned by the REIT that fit Oakwood’s space needs.
The Result:
- GPP increased Oakwood's space size by 12%, secured a lower rent than what they were currently paying, and negotiated a significant tenant improvement package.
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