The Challenge
• Hatch leased the first floor at 6 Nickerson along the Cut in Fremont.
• New ownership took over the building a few years in advance of their expiration and rental rates in the building would jump 50% in Hatch’s next negotiation.
• Hatch broke off from Mott McDonald toward the end of the lease and no longer needed the entire 8,000 feet for this location making a move very likely.
Strategy
• We analyzed the market, especially the surrounding area to try to find a space solution that allowed Hatch to remain in the neighborhood and near current rents.
• Access for employees, free parking and rent that fell in line with their budgets were our major focus.
• We toured the surrounding neighborhood as well as buildings in the same strip that we had experience with through other transactions – knowing the ownership group well.
Results
• Hatch signed a lease at a building just a half mile to the South, in the same parking strip as their current building.
• Parking rates, access and rent per foot stayed consistent with what they had been previously paying despite a major uptick in the Seattle leasing market.