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
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
Creative Office Space Lease
Architectural
13,000 SF
Laguna Hills, California
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.
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.
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.