TenantBase was selected by Honore Law to determine whether the most pragmatic solution would be to renew their current lease, do a direct lease at a new location, purchase a smaller building now, or purchase a larger building in the future. Honore Law, located in dynamic West Midtown, was a recently dissolved partnership that transitioned into a sole proprietorship. He was seeking a modern, open concept comparable to the loft office styles found in West Midtown.
Based on market research and the needs of Honore Law, TenantBase determined the best solution would be to do a short-term lease to allow for flexibility to purchase a larger building in the future. TenantBase identified 3 options in the Central Business District for Honore Law to consider for lease. A review of the proposals told us that renewing the lease at his current location made the most positive impact to his bottom line.
After market research, TenantBase determined a lease renewal was the best solution for Honore Law. TenantBase was able to achieve the following:
– An under market flat monthly rental rate
– 1 month free rent
– 3 year term with an exit clause