Valve was in the process of acquiring a local video game developer to hire new talent for its latest video game project. Valve’s existing office was too small and functionally obsolete and its lease was expiring before it could relocate to a larger, more functional space.
We renegotiated the existing lease to eliminate the holdover rent penalty and allow time to relocate to a new building. Then, after researching the ideal location for attracting top employees, a brand new Class A building was identified that met all Valve’s unique infrastructure requirements. We leveraged Valve’s requirement to negotiate a new lease at a rent 15% below fair market value and project managed the tenant improvements within the negotiated improvement allowance.
Valve’s new building provided the perfect environment for its specific operational requirements with plenty of expansion options. The high standard of features and amenities in its space and the building proved perfect for recruiting the highest level of talent required.