"You were a great help with the lease...I appreciate your advice and expertise!" -Dr. Will Eunku Chung
Tenant: Seattle Implant and Prosthetic Dentistry
Use: Dental - Prosthodontics
Location: Medical Dental Building, Seattle, WA
Requirement: Lease term extension & future expansion
The tenant had a proposal from its landlord when it engaged Union Street to assist in the negotiations. Union Street’s involvement improved the deal economics significantly, and added essential tenant rights and protections, which were not included in the landlord’s proposal. Also, the inherited lease from the current owner’s purchase of the former practice was completely revised and greatly enhanced to secure the future needs specific to this practice.
Union Street negotiated a rent structure which reduced the rent for the first five years of term by over 8% and improved the overall deal economics by over 15% (through reduced annual rent escalations, increases in improvement allowances, and free rent concessions). Assignable options to extend the lease term were also secured.
Multiple exit strategies were negotiated for the tenant including lease termination rights in the event of death or disability of the owner, and the ability for the tenant to assign its lease through the future sale of its practice, without requiring landlord consent or potential recapture rights.
Most recently, the Tenant exercised its pre-negotiated Expansion Right and secured additional space at rents that are currently 25% below market rents.