Global 3PL Client
At the height of COVID-19’s impact, this new 3PL client sought Vestian to restructure their lease in hopes of receiving rent relief.
Vestian renegotiated a lease on behalf of the client to be co-terminus with its contracted end-user in Central Pennsylvania. The vacancy rate in the area was sub 10%. In addition, the client had 3 years of existing lease term remaining and a landlord friendly lease. The tenant had initially approached landlord directly without success.
Vestian was engaged and alternative proposals were sought from competitive properties. A buy-out of the existing lease was requested. The result of these negotiations enabled the client to start a new lease immediately, delivering a 20% drop in their rental rate. Other costs previously charged to the tenant were made the responsibility of the landlord. Total savings in rent and cost avoidance were in excess of $2,000,000. This was all achieved in under three weeks.
- Client had 3 years of existing lease term remaining
- Vestian negotiated a buy-out of the client’s existing lease
- Resulted in immediate delivery of a new lease at 20% lower rental rate
- Total savings of $2,000,000
- Rapid delivery – 3 weeks