The Challenge
• Nonprofit with offices in Seattle and Washington DC
• Previously located at 1411 4th Ave but forced to relocate as the new Landlord repurposes the building for single tenant floors.
• Rising office market with substantially higher rents so forced to be more efficient with space and explore a more open, collaborate layout instead of the traditional private office layout
• Needed a short term (3 year) lease given uncertainty with future head count
• Lease expiration quickly approaching so timeline was crucial
Strategy
• Worked with a Member of the Board and Executive Director to determine budget and desired submarket
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• Toured various submarkets and buildings to compare value and determine needs
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• Created a financial matrix to compare all options and determine financial implications of each scenario
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• Introduction to local architects and furniture vendors to capture the culture of the organization
Results
• Negotiated a 3-year lease at 4th and Pike Building with a 3 year renewal options at fair market value.
• Landlord agreed to a “turnkey” tenant improvement package so there was no out of pocket expense for the tenant