Payless Drugs hired TMC recently to complete a 27,000rsf renewal in Portland. Their big goals, which became our big goals, were to renew at a competitive rate, and create a set of flexibilities to suit our client’s potential for rapid growth.
By creating several alternatives that were less expensive and of equal quality as the current lease, we were able to add leverage in the transaction that caused the rent to come in well below market for office space in the area. Hard to do effectively in a renewal. But something TMC takes great pride in accomplishing regularly.
Most important to our client was our negotiation of a shorter term, with tenant improvements provided by the landlord. Negotiating strongly for tenant improvements paid for by the landlord, while accomplishing a shorter term, is something many say is impossible. TMC accomplishes it regularly. And in the Portland transaction we successfully created options to expand, in exchange for waiving a termination right we no longer needed.