Plante Moran Cresa renegotiates lease, saving $10 million
When Doner Company, North America's largest privately owned advertising agency, found itself with three years remaining on a lease at above market rates, it engaged Plante Moran Cresa (PMC) as an independent tenant representative to review all of its alternatives.
Because PMC does not represent any buildings or landlords, we were best positioned to provide conflict-free advice and establish a discussion between all parties.
Our team used its tenant representation expertise to work with the landlord on Doner's behalf in renegotiating the current lease terms and incorporating an extension that would benefit Doner over the years to come.
With PMC's help, Doner was able to renegotiate terms for the existing lease, extending it eight years at a significant rate reduction and saving the agency $10 million. PMC's sole fee was a modest percentage of the client's savings.