Touro University

Touro University International retained C&W to assist in developing and implementing an occupancy strategy. Touro occupied 42,000 SF in a building owned by RREEF, partially under sublease with Mitsubishi and partially on a direct lease with RREEF. The University wanted more space, a building top sign and a right to purchase the building.

Approach

touro-university

  • Engaged in a comprehensive occupancy plan incorporating architectural, project management, financial and transactional services to support Touro.
  • Surveyed the entire market manufacturing several viable alternatives.
  • Thoroughly negotiated these alternative transactions through utilizing architectural and project management support to create the perception that Touro was indifferent about renewing the lease or relocating to another facility.
  • Simultaneously, the project team engaged in thorough negotiations with RREEF to arrange a lease renewal transaction. These negotiations required multiple high level meetings with upper RREEF management.

Results

After a 14 month process, the project team arranged a successful lease renewal transaction for Touro. Highlights include:

  • A new seven year lease at rates over 15% below the market for similar product.
  •  A healthy TIA with the rights to allocate the majority of the dollars to offset Touro University International’s FF&E costs and cabling or to offset rent.
  • A building top sign over-standard parking
  •   A right to purchase the building and flexible expansion rights on contiguous space in the building.