The Brief
CXC Global is a leading provider of contractor management solutions with offices in 69 countries across 5 continents.
With a planned growth in headcount, an upcoming lease expiration and an imminent increase in the commercial rental rate, remaining in the existing premises was not an option. Yet, good alternatives appeared to be very limited. CXC engaged Tenant CS to help the company gain the upper hand in a tight market, with a particular focus on "off market" opportunities in Sydney CBD and North Sydney, as well as negotiate a tenant-friendly lease.
The Solution
- Kick-off meeting with the CXC team and a review of the existing lease to understand the company’s requirements and to determine the company’s "make-good" obligations
- Develop a project plan based on CXC’s requirements, such as the ideal office space, location, budget and timeline
- Canvass the entire market with a focus on off-market and fitted-out options
- Select and inspect suitable options on behalf of CXC
- Request lease proposals and define a negotiation strategy for each individual premises
- Provide a financial analysis of all options, taking into consideration the related fit-out costs
- Secure a contingency option
- Proactively lead final negotiations and pursue the most favourable terms achievable
- Assist with lease completion and coordination
The Results
Faced with a landlord who decided to remove CXC’s selected/preferred property from the market at the last minute, Tenant CS had to work quickly to negotiate a second lease for an alternative space.
However, whilst doing this, Tenant CS was able to secure CXC’s first option through continuous contact with the appointed agent. The selected premises had a nearly new fit-out in place and the negotiated terms were very favourable.
Article submitted by Tim Green, ITRA Global / Singapore | Sydney, Australia
