23,000 SF Industrial and Office Lease for EC Power Systems
EC Power Systems · Seattle area, WA
Represented by Mike Hemphill, The Andover Company
- Requirement23,000 SF warehouse, 6,000 SF office, secured yard
- OptionsThree buildings, full proposals on each
- NegotiatedRate, triple net costs, TI costs, and timing
- ResultBelow-market rate, free rent, generous TI allowance
Challenge
EC Power Systems, a West Coast regional company that sells and services industrial power products such as emergency standby systems, engines, and generators, had already used The Andover Company as tenant advisor for its Seattle facilities.
After that work, Andover was asked to handle a second, larger requirement: 23,000 SF of industrial warehouse, 6,000 SF of office, and a small secured yard. That mix of office and warehouse is hard to find.
Strategy
Andover searched the market for buildings that could meet the requirement, found three, and requested and received full proposals on all of them.
Andover then focused on the top choices and countered on the points that matter most, including rental rate, triple net costs, tenant improvement costs, and timing, until every issue was resolved.
Results
EC Power Systems chose the building that met all of its needs. With three viable options in play and the company's strong financial standing in front of each landlord, Andover created as much leverage as possible.
The company signed a below-market lease with concessions including free rent and a liberal tenant improvement allowance, and the larger facility has helped it grow and hire top people.
Related services
Adapted from Mike Hemphill's Andover service brochure. Represented by Mike Hemphill of The Andover Company. Ben Hemphill now works alongside Mike Hemphill.
