"About six months before Eagle Broadband's lease was up, they decided to make some changes to their real estate," says Marcus Litofsky, an associate with Equis Corp.'s Houston office who negotiated the transaction along with vice president Mitch Pear.
Litofsky tells GlobeSt.com that Eagle Broadband was willing and able to move from its current headquarters location if necessary. "A lot of owners were hoping to get them," he says. "It was a dog fight."
At the same time that Eagle Broadband was evaluating its options in the market, Equis suggested that the firm hire design firm Gensler to evaluate the existing space. "Eagle Broadband worked with Gensler to find out exactly how much space they really needed," Litofsky says.
According to Litofsky, Gensler created new and efficient ways to use the existing space, encouraging Eagle Broadband to cut the floor space by 25% or roughly 10,000 sf. "The landlord got very aggressive in keeping Eagle Broadband," he says. In fact, owner Southshore Harbor Development LP's in-house broker was willing to change a triple net pact into a gross lease.
With the reduction, Eagle Broadband was able to save 35% on real estate costs, according to Litofsky. "We're talking significant savings of hundreds of thousands of dollars," he says.
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