VoitWorks leveraged negotiations on multiple competing properties to extract maximum lease concessions on PJHM’s new creative office space in Irvine Spectrum
PJHM was introduced to VoitWorks several years ago through a mutual client, and hired us to secure a new creative office space HQ in Irvine Spectrum. We love creative office space when it’s done right. Get it wrong and your business could suffer!
PJHM had been leasing a traditional office space in San Clemente for over 30 years. The building and office space itself had become inefficient as they had grown over time, and suffered from chronic deferred maintenance. It was time to step up to a new workplace that solved many of their current challenges. The principals envisaged a more accessible location and an office space that not only looked the part, but functioned well in terms of employee productivity, culture, recruitment and retention.
After a detailed analysis of the business model, a real estate and workplace strategy was developed to secure a flexible contemporary creative office space environment, located in Irvine Spectrum. However, this type of office space is always hard to find at typical fair market rents.
We ran market surveys and canvassed the Irvine Spectrum office market and identified every suitable creative office space option. A unique opportunity was uncovered in Laguna Hills, that accommodated all PJHM’s operational needs with the potential for significant lease concessions, providing a very cost-effective lease structure. We immediately negotiated on multiple back-up listings of creative office space in Irvine Spectrum to create a competitive negotiating environment for extracting maximum lease concessions. We secured a new lease with a significant below fair market value rental structure, which included substantial cash concessions to fund PJHM’s creative office tenant improvements.
PJHM’s new Irvine Spectrum creative office space was delivered significantly under-budget. We handled the entire real estate process so PJHM could stay focused on its business the entire process. The new creative workspace rewarded its employees with the fun, collaborative, and efficient working environment the principals had envisioned, as well as the opportunity to successfully grow its business.
PJHM recently retained VoitWorks to renegotiate its creative office space in Irvine Spectrum. This process extracted further value out of the space by allowing us to negotiate a new lease; albeit at a higher rent, but with enough T.I. allowance to cover the entire cost to further develop their office space and improve efficiencies. This included new features such as roll up doors to improve natural lighting and air flow, an overhaul of the HVAC system, upgraded lighting and ceiling features, and an expanded kitchen and break out area. Check out PJHM”s creative office space!
For information on creative office space in Irvine Spectrum and how to capitalize on real estate opportunities to grow your business, contact Stefan Rogers 949.263.5362 / firstname.lastname@example.org.