Salamirad Morrow Timpane & Dunn
Irvine, California
Construction Law Firm Spearheads Expansion with New Irvine Office Space
Project
New office lease
Industry
Legal
Size
9,000 SF
Location
Irvine, California
Challenge
Challenge
SMTD, one of the country’s leading construction litigation firms, had occupied a coworking space since they founded the firm, but had rapidly outgrown the concept as the business expanded. SMTD needed to lease a much larger custom workplace, but didn’t have the time or expertise to manage the real estate process, so they hired Voit. There was a strong desire to relocate into a more modern, functional, Class A progressive office space, to elevate the firm’s status and brand, and act as a catalyst for recruiting top talent to grow the practice.
Solution
Solution
We undertook a comprehensive analysis of SMTD’s business plan, and developed a corporate real estate strategy that focused on a delivering the ideal workplace environment to grow the firm, albeit on a strict and conservative budget, with the flexibility to accommodate growth over the next 5-7 years. Vulnerable market market conditions, and our ability to effectively market the firm’s requirement, enabled us to negotiate the most cost-effective lease terms possible, including a turnkey tenant improvement package, rights to expand, downsize, and terminate the lease, and a rental structure substantially less than the firm was currently paying on a per square foot basis.
Results
Results
By outsourcing the real estate process to Voit, SMTD was able to remain focused on it’s business, while we project managed the entire office lease and tenant improvement process and negotiated the most cost-effective, flexible lease terms. The new workplace delivered an aesthetic that elevates their brand and a work environment that fosters recruitment, employee well being, productivity and efficiency. SMTD loves its new workplace, which has notably improved the firm’s ability to grow it’s practice. SMTD has since almost outgrown its office and is currently considering further expansion options with Voit as it continues to grow its practice.
“We were very fortunate to have been introduced to Stefan when we were looking for a new home. Stefan’s demeanor, knowledge and persistence opened the door for a very favorable 7 year lease and plenty of money for our improvements. He was a critical source of support through the entire project. We would recommend him without any reservations and I would be happy to speak to anyone considering using Stefan and his team.”
Negotiated Concessions Include:
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Flexible lease options
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Turn-Key tenant improvements
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Below fair-market-value lease economics
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Option to terminate
