US Pharmaceutical MNC

Our project strategy was to deploy a crack team to first understand the Tenant’s expansion plans and assumptions over the next 10 years. This would ensure a future-proofed portfolio and clear negotiation parameters for a complex, 10-year plan.

Over the course of our efforts, we found that identifying a compelling relocation option was key to having the Renewal Landlord compete with creative solutions and value to retain the Tenant.

We engaged the Renewal Landlord on relocating existing tenancies to meet the Tenant’s expansion plans over contiguous floors. In doing so, lease expiry exposure the Renewal Landlord was facing was leveraged, to further drive their competitiveness.

The highly competitive renewal versus relocation engagement process led to the Renewal Landlord clearing existing tenancies to retain the Tenant over three exclusive, contiguous floors, inclusive of both generic and tailored building enhancements.  

Additionally, pre-agreed expansion options were successfully negotiated and secured for future-proofing the portfolio. This mitigated having to commit to potentially excessive space in advance.  

The highly competitive process also achieved a ~20% improvement in occupancy cost from the Renewal Landlord’s competitive position. And upon renewal, post-COVID 19 hybrid workplace strategy formulation and corresponding fit out project management would be conducted