Simon MacDonald and Joe Cianfarani of Lennard West Negotiate Cole Engineering Office Lease

Posted April 22, 2010, 4:16pm EDT

Background
Cole Engineering is a rapidly growing professional engineering company who we began working with in the fall of 2009.  Initially, the company was spread out across 3 locations for a total of 24,000 sq.ft of office space.

The company was growing exponentially, flexibility was an essential tool when analyzing renewal or relocation options. Together, we estimated their growth as moving from 60 employees to 240 over the next 5 years. The key was to find space which could accommodate its current requirement and provide enough expansion space for the 5 year term.

Success
We were successful in assisting Cole Engineering in consolidating their 3 office locations into one central location at 70 Valleywood Drive in Markham, Ontario. Through an analysis of their current situation, future expansion analyses and overall costs analysis, we were able to help them find a location that fit all of their requirements.

Cole Engineering now leases the entire building, which is comprised of 52,590 sq.ft. of office space We also successfully negotiated improvement allowance to help them retrofit the building, and free rent, allowing for Cole to relocate to and fixture their new premises without having to duplicate their office rental costs in the process.
Due to their single tenancy, they also have all signage rights for the building, which translates into a superior branding opportunity in a central and high traffic location.

Cole Engineering was able to reduce their office leasing costs by approximately 40% and at the same time was able to expand their office space for current and future expansion needs.  

Overall, Cole Engineering was extremely satisfied with the outcome and are able to maintain a control of their office costs and still meet their growth needs for the next several years, maximizing profitability for the company.