Location

Scott’s Addition
Richmond, VA

Size

6,521 RSF

Use

Office

Services Provided

  • Workplace Strategy

  • Tenant Representation

  • Project Management

Free Rent & Turnkey Work Letter

  • Resulting in no out‐of‐pocket client construction costs

Below-Market Deal

  • Strategic market knowledge

Case Study:

Real Estate Goals

• Expand and relocate prior to lease expiration

• Evaluate and compare “traditional” vs. “creative” office space opportunities

Solutions

• Identified creative office opportunity on the front‐end of what has become the rapidly developing Scott’s Addition submarket

• Negotiated favorable lease document protecting tenant against the unknowns of the

warehouse conversion and first‐time developer

Challenges

• Condensed project schedule due to rapid expansion needs

• Mitigate remaining lease obligation through subleasing

• Negotiated new office lease in a former warehouse building with a “first‐time” landlord

• The proposed redevelopment project was evolving during negotiations

Result

• The above goals were achieved in large part due to detailed due diligence and lease preparation. Significant cost overruns were absorbed by Landlord

• Successfully subleased Fahrenheit’s vacated suburban space mitigating their entire remaining obligation