Situation
The client was looking to expand their footprint into the Houston market and create a dedicated branch headquarters to grow their business. In order to help increase the number of quality candidates and employee retention, their focus was primarily geared towards unique, creative office space with high end finishes. To increase the employee flexibility, they wanted an efficient space to optimize for a hybrid workspace where employees would be given the option to work from home a few days during the week.
Houston was in limited supply of creative office space due to the space while the majority of available space being traditional office space in high-rise office buildings.
Strategy
Given the extensive knowledge of market economics and available creative office properties, Park Realty advised the tenant using employee demographics on primary locations which would allow for the best office location, economics, and amenities for a long term lease.
Park Realty identified multiple and executed on negotiations to ensure the Client received strong economics and sufficient tenant rights.
Results
Park Realty principal Peyton Poynter, using his extensive knowledge of commercial leases and tenant rights, was able to secure a favorable lease for the Client with a robust improvement allowance and a unique space to accommodate the goal of a fundamentally unique office space with high-end finishes.
The lease also included abatement periods and important tenant rights in the lease such assignment/sublet provisions, early access, operating expense caps, renewal options, signage rights, and parking allowances.
