Internet Advertising Agency
1823 Colorado Ave.
Santa Monica, CA
Single Tenant Creative Office Building
Disposition Feasibility Study
Lead Subtenant / Landlord / Tenant Negotiations
Secure Landlord Consent
A new business model required disposition of Los York’s current location and a relocation to split facilities, in short order. As a Creative Agency focused on what they do best, real estate wasn’t their forte, so they tapped rsfLA to act as their in house corporate real estate department.
rsfLA first reviewed the existing Master Lease to provide Los York executives the constraints and requirements they were bound to by the contract. Once identified, rsfLA engaged the Landlord to gauge their needs and gain their support. These critical first steps underpinned the disposition strategy.
As importantly, the existing market conditions had to be thoroughly understood prior to bringing the Sublease to market. A Sublease is a very different option for companies in the market for space. Positioning is critical to success. rsfLA’s report on competing spaces and lease comparables supported a recommended Sublease plan that positioned the space to be “the next property to Lease”.
Within 60 days of award of the assignment an LOI was mutually executed by Los York and a prospective Subtenant for the space. Working closely with the Landlord, Los York, and the Subtenant, rsfLA secured a mutually executed Sublease document and the required Landlord Consent within 30 days of the executed LOI.
Lease transactions are often complicated, Sublease transactions more so, as there are three parties to the document. Los York leaned on rsfLA to act as their “on demand” corporate real estate department to generate a realistic plan, then manage both marketing of the Sublease and the successful conclusion of a three party real estate negotiation.