Plex Systems

Irvine, California

VoitWorks secures new California HQ with multiple expansion options and subsequently represents Plex on multiple lease renewal negotiations and expansions over a 5 year period

Project

Multiple Office Lease Renewal Transactions

Industry

Cloud Software

Size

15,000 SF

Location

Irvine, California

Challenge
Challenge

Plex planned an expansion into the West Coast and VoitWorks was selected by Plex’s real estate decision maker to spearhead the project. VoitWorks was given a specific business strategy, to adapt into a real estate strategy to identify a new HQ office location and deliver a building that accommodated all their corporate requirements and permitted organic expansion into right-sized space as they expand their new HQ.

Solution
Solution

After establishing a streamlined strategy for undertaking the project, VoitWorks promoted Plex to multiple landlords within their target market and building types, to compete for Plex’s business as a new tenant. Multiple proposals were solicited, analyzed financially and operationally to ensure they met all Plex’s requirements. Once a short list of targets was procured, we entered into aggressive negotiations to secure the most favorable lease terms and ensure all of Plex’s business needs were satisfied, including the freedom to expand their footprint over time at minimal cost and disruption to business operations.

Results
Results

Plex’s new Class A office space was delivered at significantly below fair market value economics and was custom built at the landlord’s cost to provide the perfect workplace for employee recruitment, retention and productivity. Subsequently, VoitWorks represented Plex on multiple expansions and lease renewal negotiations by exercising and negotiating the lease renewal and expansion rights as they came due, to accommodate Plex’s successful west coast growth.

“Plex is very, very pleased and thankful for the work and effort that the two of you put forth and as a result I am very happy and thankful for the job the two of you have done, so thank you!”

Negotiated Concessions Include:

  • Below fair-market-value rental rate

  • Rent abatement

  • Turnkey tenant improvement allowance

  • Free parking

  • Expansion rights

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