PJHM Architects Secures Huge Concessions on Creative Office Space
Challenge:
PJHM occupied a Class C office building in South Orange County for over thirty years, which suffered from chronic deferred maintenance and poor property management. The space was also very inefficient and comprised several disconnected suites, which PJHM had grown into over time. PJHM was on a strict budget and desired to upgrade to a creative style workplace in an area typically out of its price range, to accommodate all its space needs under one roof and allow for growth and enhanced space efficiencies to foster employee collaboration and productivity.
Solution:
After explicitly analyzing PJHM’s business model and developing a real estate strategy for leasing a new facility, Voitspace conducted comprehensive market surveys and canvassed PJHM’s target area for off-market opportunities to identify every suitable option. After exhaustive research, a unique opportunity was uncovered, which accommodated all PJHM’s operational needs with the potential for significant lease concessions, providing an extremely cost-effective lease structure. VoitSpace immediately negotiated on multiple back-up properties to create a competitive negotiating environment to extract maximum lease concessions, and secured a new lease with a significantly below fair market value rental structure, including substantial cash concessions to fund PJHM’s creative office space tenant improvements.
Result:
PJHM’s new headquarters was delivered significantly under-budget and VoitSpace’s fullservice transaction and project management services enabled the principals to remain focused on their business during the entire process. PJHM’s incredible new creative workspace exceeded its expectations and rewarded its employees with the ultimate fun, collaborative and efficient working environment the principals had dreamed of. The finished product also offers a fantastic showcase for PJHM’s architectural and design services as well as the opportunity to successfully grow its business for years to come.