Choyce Peterson Negotiates a Lease Renewal for Ridgefield Capital Asset Management in Ridgefield, CT
Choyce Peterson, Inc. (www.choycepeterson.com), a commercial real estate brokerage and consulting firm which specializes in representing tenants, announced the successful completion of lease renewal negotiations on behalf of Ridgefield Capital Asset Management (RCAM) at 38C Grove Street in Ridgefield, CT. Principal John Hannigan represented Ridgefield Capital in their initial move to this location in 2010, and then again for this 6,000 square foot lease renewal.
In their kick-off meeting, Tom Trillo, COO of RCAM, cited some issues with their current space and building including potholes in the driveway and HVAC adjustment problems. As part of Choyce Peterson’s tenant representation process, Hannigan brought Trilloon several tours of office space in Danbury, Wilton and Ridgefield so he could get updated on the availabilities and pricing within these markets. After reviewing proposals from several landlords, as well as a renewal proposal, Trillo and his associates determined that they liked the location of 38C Grove Street and the current office layout and told Hannigan to negotiate the best available renewal terms.
Trillo commented: “John worked tirelessly with the landlord to cite the issues we had with the space and building, as well as point out how it would be in the landlord’s best interest to resolve the situation, rather than seek a new tenant. The final economic deal terms were advantageous for our company and the landlord cooperated in addressing all of our concerns.”
As Hannigan noted, “When a tenant is seeking to renew their lease, we discuss what problems they are encountering within their space and building, and keep asking questions such as: ‘What about your HVAC? Does the layout of your spacesuit your current and future needs?’ We probe and develop a list of concerns, many of which they have lived with for years. In our negotiation process with an existing landlord, often this list becomes equally important to the free rent and base rent components of the renewal transaction.” As Trillo stated, “We know our landlord, but believed having John on our side was in the best interest of our company. John handled the delicate renewal negotiation process of getting terms we felt were fair, while at the same time maintaining an amicable tenant/landlord relationship. I could have negotiated this transaction on my own, but would not have gotten all that John did. If you’re not calling Choyce Peterson to handle your next renewal or relocation, then call me and I’ll tell you firsthand why you should.”
Meredith Siburn, Director at Cushman & Wakefield, represented the landlord, DOSO Realty LLC, in the transaction.
About Ridgefield Capital Asset Management
Ridgefield Capital Asset Management (RCAM), founded by Robert Ellis in 2004, is an SEC registered advisor. RCAM deploys an investment strategy that pursues a fundamentally driven strategy across a focused range of commodities (Agriculture, Softs, Precious Metals and Livestock). The goal of the investment strategy is to maximize compounded annual returns while preserving capital and minimizing volatility of returns. RCAM,based in Ridgefield, CT, has 10 personnel including a seasoned team of analysts and back-office staff with extensive backgrounds in a variety of commodity related fields.
About Choyce Peterson
Choyce Peterson, Inc., a commercial real estate brokerage and consulting firm which specializes in tenant representation, was founded in 1997 and has offices in Norwalk, CT and Rye Brook, NY. For companies headquartered in Fairfield and Westchester counties, Choyce Peterson has negotiated millions of square feet of transactions in 42 states and Canada. The Choyce Peterson process delivers comprehensive and creative real estate solutions to ensure clients derive maximum value from their real estate decisions.
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