Assignment
In 2008 we were retained by Tokyo Electron to assist them with the renewal or relocation of their office in the Sunset Corridor. The lease was slated to expire in June 2008, for a total of 27,000 square feet.
Objective
The current landlord had come forward and surprisingly told Tokyo Electron that they did not want to renew their lease and would like them to consider moving to another one of the landlord’s properties in the neighboring area. This was startling news to Tokyo Electron, which liked their current location and was willing to renew assuming the terms and conditions were reasonable. The landlord however, wanted to free up the entire building since there were a couple of large transactions pending in the market, which they felt they had a good opportunity of landing.
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Challenges
Tokyo did not want to move their operation to the landlord’s other location and was reluctant to move period, due to the disruption to their business and the overall projected cost.
Results
Once Tokyo Electron recognized that the landlord was taking advantage of them, we toured the market, solicited proposals, and found several options which were financially attractive to Tokyo Electron. In the end, Tokyo Electron was able to save over $500,000 by relocating to AmberGlen.
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