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Industrial Alliance Pacific Life, head quartered in Vancouver, British Columbia, had excess office space in its regional office located in Toronto, Canada. Industrial Alliance Pacific Life was seeking to consolidate in Toronto and find more efficient office space.
Industrial Alliance Pacific Life had a long lease term remaining on its existing office space and therefore needed to sublet all or part of the premises to achieve its objectives. In addition, a large amount of both sublet space and direct space was available in the building that was competitive with the space that Industrial Alliance Pacific Life wanted to dispose of.
Industrial Alliance Pacific Life gave us the assignment to sublet their excess space. The initial step was to evaluate the market and determine the competitive options. An aggressive marketing campaign was initiated to prospective tenants. The space was divisible and was offered for sub-lease allowing for a broader target market. The positive attributes of the space for sub-lease were highlighted. Through the efforts of CB Richard Ellis colleagues the space was sublet at an above market rent for our client.
In the End:
The entire space was sublet to a comapny in the immediate vicinity. As soon as the existing space was committed to, a thorough evaluation of suitable facilities in the area commenced. Several buildings were short-listed and negotiations began. A building was selected that best suited their space requirements. There were significant savings to Industrial Alliance Pacific Life as a result of this consolidation.
Please click on the link to view the reference sent to us by Industrial Alliance Pacific Life : Reference Letter