Japanese technology conglomerate
Consolidating several subsidiaries and achieving target budgets in a rising market
Gavin Mercer, Managing Director at Thanos Realty|13 June 2022|Workplace
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Size
Above 15,000 sq ft
Precinct
Beach Road/Middle Road
Services
Workplace Consulting • Secure Space • Fit-out Management • Change Implementation
Our overall strategy was to go-to-market early to identify compelling options for negotiation leverage, leveraging Thanos Realty’s reach and existing business relationships with the influencers and/or decision makers at the Landlords.
We advised the client to consider timed short term lease extensions of several entities and locations, to align consolidation into two specific locations in order to avoid overlapping costs.
As part of our multi-prong approach, we also went-to-market early to mitigate rising market rents. During negotiations, we stressed how the Tenant’s prestigious brand would make it a good addition to the Landlord’s tenancy portfolio.
We also conducted workshops with each of the two competing Landlords on how they can be creative when it comes to improving key terms and value-add, to put them in a more favourable position when competing for the Tenant.
We negotiated a final 7% reduction in rent to fall within target budget for the new lease, along with a final 10% reduction in rent to fall within target renewal budget upon maturity of the new lease.
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