During the COVID19 Pandemic the LabOccupier team was referred by one of the largest life sciences tenants in Toronto to another tenant that occupies 150,000sf of office and lab space in two leases with expiries that were not co-terminus. The COVID pandemic had prevented negotiating a renewal on a timely basis and the terms of the lease were weighted heavily in favour of the landlord.
After auditing and benchmarking the tenant’s lease, the LabOccupier team proposed a longer term renewal strategy that enabled the tenant to align their lease expiries.
Because the LabOccupier team had an intimate understanding of the landlord’s financial expectations they recommended taking a long-term approach to generating value. This allowed the tenant to renew at rates that were below market and position themselves to maximize their future negotiating leverage.
