"Thanks for all your advice, help and guidance through the lease renewal process!" -Dr. Jenny Nguyen
Tenant: Seattle Smiles Dental
Location: Puget Sound Plaza, Seattle, WA
Requirement: Lease term extension & expansion
The practice was growing and needed to secure more space. After exploring contiguous spaces and determining that they weren't going to be an option, we were able to secure additional space on the same floor and relocate office functions that weren't integral to the day-to-day dental operations into the expansion space (lounge & office). Doing this enabled the tenant to convert former office space into a 4th operatory.
To assist with the cost of the improvements, a large tenant improvement allowance plus additional free rent were negotiated. Another cost saving measure put into place was the reset of the "base year" used for the calculation of reconciled operating expenses.
Not only by growing its footprint by 28%, the practice secured extension rights, and also set itself up for the long run by revisiting its lease language relative to a potential future transfer of the lease by creating a "sunsetting clause", which outlined a process for releasing guarantees held by the landlord.