Challenge:
Identify strategically located facilities that could accommodate high truck traffic for the Los Angeles Times, California’s largest newspaper company. Voit would need to find 12 separate locations throughout Los Angeles and Orange counties within 18 months. This totaled in excess of over 339,000 square feet. Voit also needed to secure landlord tenant improvement contributions that would not increase the tenant rent.
Solution:
Research Los Angeles and Orange Counties to find appropriate space. Voit researched and identified ideal property in Ontario, Chino, Pomona, Glendale, Pasadena and Fountain Valley. All of these locations met the objectives of the Los Angeles Times and Voit was able to negotiate rent that was under the approved budget.
Result:
Secured all properties that met the requirements of the Los Angeles Times within the allotted time frame. Voit negotiated significant landlord tenant improvement contributions without increasing tenant’s rent. The Los Angeles Times saved an average of 28% net rent at each site. Voit acquired over 339,000 square feet of total office space for the Los Angeles Times in strategic locations, managed transactions, lowered leasing expenses and exceeded client expectations.