The client was nearing the end of their lease term in Bryanston and were considering renewing or relocating operations.
5th Avenue Properties, working exclusively on behalf of Clorox undertook a stay vs. go analysis to determine the optimal solution for Clorox, one of our globally retained clients out of the USA. The landlords first offer was received and marked to market. It was determined that this offer was some R30.00 per square metre above market rentals and the current asking rentals in the office park. A competitive environment was created and was used to renegotiate the existing terms and conditions of the current lease.
Clorox decided to remain in their current building, rental was dropped some 20% from the landlords first offer. An incentive was negotiated of 5 months rent free as well from the first offer.