COOPERATING SIOR MEMBERS
Frédéric Schneider, SIOR, BA (Hons) MSc CAPITA Symonds;
London, United Kingdom, and
Sanjeet Narain, SIOR, MRICS, CRES, TRC; Narains Corp
Both international SIOR brokers have worked with each other for this
client in the past and share a very good and trusting relationship. The
transaction involved a lease renegotiation on the previous terms. The
offices occupied by the tenant were on separate floors in two separate
wings, which meant both of the leases were to be renegotiated and made
• Since the market rates had lowered, the client wanted to renegotiate the
exiting lease rate.
• The client also wanted a complete waiver of the escalation in rent
which was applicable as per the lease agreement.
• They wanted both office leases to start and end on the same date.
• Lease rent renegotiation to be carried out within a tight deadline.
• There was a 15 perent rent escalation at the end of the term, which the
client would have to pay as per the lease agreement.
SIOR, BA (HONS) MSC
SIOR, MRICS, CRES, TRC
BUILDING T YPE OFFICE
BUILDING SIZE 52,000 SQ. FT.
SALES PRICE $1,883,336
Narains Corp negotiated hard with the landlord and
got them to reduce the rent to lower than the current
market level and also got a complete waiver on the
rent escalation. The client was extremely happy with
the savings achieved.
Despite delays from either side, the objective was met
and concluded within the timeline.