VoitWorks secured a new California HQ for Plex and has since represented them on several expansion options including a recent office space lease renewal in Irvine, California
We just finished representing Plex Systems on another office space lease renewal in Irvine and successfully negotiated a new lease to consolidate their original lease with their expansion space, and achieve maximum cost-savings and efficiency. As Plex had grown organically in a Class A office building in Irvine, their space usage had become inefficient as they added adjacent space into their suite over time. We conducted a space utilization study to determine if the building could accommodate Plex’s future growth within their budget, and also surveyed the employees’ feedback of the current space and its pros and cons.
A strategic decision was made to search for office space for lease in Irvine in low-rise campus office alternatives, which could be more efficient and produce a lower cost per square foot. This approach created great negotiating leverage on the office space lease renewal in Irvine and the alternative low-rise options we identified from surveying the entire market. As negotiations evolved on the competing property as well as the office space lease renewal, it soon became clear that the current office space could accommodate Plex’s future growth if the space could be reconfigured.
Consequently we were able to negotiate a new 5 year lease with enough tenant improvement dollars to reconfigure the current office space and make it more efficient so it can accommodate a larger headcount. The final office space lease renewal terms included an approximate $15 psf tenant improvement allowance, a below fair-market starting rent, a large free rent period, among others. Plex avoided an office relocation, fixed its occupancy cost for another 5 years, and it’s employees are happy. Check out Plex’s new office space!
For information on an office space lease renewal in Irvine, and how to capitalize on real estate opportunities to grow your business, contact Stefan Rogers 949.263.5362 / firstname.lastname@example.org.