PJHM Architects
Irvine Spectrum, California
VoitWorks uncovers an off-market lease opportunity and leverages negotiations on multiple competing properties to extract maximum lease concessions on PJHM’s Irvine Spectrum creative office space
Project
Creative Office Space Lease
Industry
Architectural
Size
13,000 SF
Location
Laguna Hills, California
Challenge
Challenge
PJHM occupied a Class C office building in South Orange County for over thirty years, which suffered from chronic deferred maintenance and poor property management. The space was also very inefficient and comprised of several disconnected suites, which PJHM had grown into over time. PJHM was on a strict budget and wanted to upgrade to a creative style workplace in an area typically out of its price range, to accommodate all its space needs under one roof and allow for growth and enhanced space efficiencies to foster employee collaboration and productivity.
Solution
Solution
After explicitly analyzing PJHM’s business model and developing a real estate strategy for leasing a new facility, we conducted comprehensive market surveys and canvassed PJHM’s target area for off-market opportunities to identify every suitable option. After exhaustive research, a unique opportunity was uncovered in Laguna Hills, that accommodated all PJHM’s operational needs with the potential for significant lease concessions, providing an extremely cost-effective lease structure. We immediately negotiated on multiple back-up properties to create a competitive negotiating environment for extracting maximum lease concessions and secured a new lease with a significant below fair market value rental structure, including substantial cash concessions to fund PJHM’s creative office tenant improvements.
Results
Results
PJHM’s new headquarters was delivered significantly under-budget and our full-service transaction and project management services enabled the principals to remain focused on their business during the entire process. PJHM’s incredible new creative workspace rewarded its employees with the fun, collaborative, and efficient working environment the principals had envisioned. The finished product also offers a fantastic showcase for PJHM’s architectural and design services as well as the opportunity to successfully grow its business for years to come.
“PJHM Architects utilized Voit for our corporate office relocation. After over 35 years in the same location, the company had grown beyond the constraints of the existing office building. Stefan was patient and professional in assisting us understand the different potential areas to relocate and the vast types of office product available in Orange County and all the pro’s and con’s that come with office relocation. Stefan’s assistance in guiding our firm’s decision on the exact location and office complex to relocate to, and the negotiating expertise demonstrated during our lease negotiation, was invaluable. PJHM Architects highly recommends Stefan to represent you with your commercial property needs.”
Negotiated Concessions Include:
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$1.27 PSF/Mo. average rental rate
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8 Months free rent
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Turnkey tenant improvement allowance
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$2 PSF moving allowance
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Building top signage
