Landlord supports lease assignment and nets substantial savings.
Challenge:
The landlord had a distressed tenant wanting to sell their assets and vacate the premises, but their lease had only a few months left on it. The tenant reached out to The Innate Group to help sell the assets of the business and we, in turn, reached out to the landlord to explore the possibility of working through an assignment of the lease.
Success:
The landlord approved the lease assignment with a well-qualified tenant, which made it possible for the tenant to sell their assets and vacate the premises without worrying abut the lease balance. The buyer of the assets benefited from securing the current lease rate with the opportunity to negotiate a new lease with the landlord on favorable terms. The landlord benefited by bringing in a new tenant without having to market the property and pay out upwards of $90,000 in broker’s fees for this particular transaction.