|CLIENT||Technology Assurance Group|
|LOCATION||San Diego, CA|
|SERVICES||Brokerage & Advisory Services
|PROPERTY SIZE||4,469 SF Class “A” Office Space|
|FINANCIAL BREAKDOWN||16% Savings over a 44 month term|
Technology Assurance Group (TAG), a California corporation, enlisted the assistance of McKinney Advisory Group to aid in their real estate needs in San Diego, California, based on their long-term relationship facilitated by a common corporate interest. McKinney’s specialty with lease negotiations and early lease renewals helped to achieve the client’s objectives and address overhead concerns.
TAG requested McKinney’s assistance in the renewal and negotiation of their current lease with lower overhead costs, as well as survey market options to confirm the most competitive rates in the area. Furthermore, TAG needed a refurbishment allowance to update their current space.
Rancho Bernardo is a competitive market, with very few Class “A” Office spaces available within a three-mile radius of TAG’s existing location. Thus, creating leverage with the current landlord was crucial in order to reduce TAG’s base rent desired to remain in their existing space.
In order to valuate TAG’s current space with other competing properties in the area, the McKinney team did extensive research and performed a side by side comparison of all available properties within 3 miles of their current location in order to ascertain the best average market rate. Ultimately, there were five properties of interest that the McKinney team toured with TAG. The McKinney team was able to negotiate an early 7-month renewal at a lower rate than current market prices. The McKinney team was also able to retain a substantial amount of refurbishment allowance with additional free rent, thus accomplishing the goal and creating 16% savings over a 44 month term for the client.