1411 5th Street
5,600 rsf Creative Office Space
- Needs Analysis
- Site Search and Selection
- Lease Negotiation
- Marketing and sublease negotiations of existing space
A new technology company was scaling up, growing from 8 to 24 employees in less than 12 months, and in the process, completely outgrowing their 2,000 rsf creative office sublease. They needed a new, cool, creative space in downtown Santa Monica that would help with the hire and retention of top talent as they scaled up. And they also needed a replacement tenant for their existing space to avoid paying double rent for 12 months.
Strategy & Results
rsf LA tapped its database of new tech companies to find one in need of temp space willing to sublease ParkMe’s existing office, while simultaneously conducting site search and negotiations for ParkMe’s new home. Within 60 days rsf LA generated over 25 inquiries and 15 tours of ParkMe’s existing space, before landing an expanding local tech company to take it off ParkMe’s hands.
rsf LA choreographed simultaneous lease negotiations that made ParkMe’s sublease of their old space contingent upon execution of the lease for new space, eliminating the risk of a double rent payment. The final sublease transaction generated almost enough revenue to cover all sublease transaction costs, the move out and move in dates were nearly simultaneous, with just 2 days of double rent paid, and at almost 6,000 rsf, ParkMe’s new creative office space accommodates their needs and allows for future growth and expansion.