Aptara is a world leader in content transformation and has created some of the most advanced workflow collaboration and electronic data discovery (EDD) processes. The company’s rapid growth projections had Aptara on course to grow from its current 6,500 rentable square feet to 12,000 rentable square feet over the next five years. The challenge was to find a new home that would accomplish this and do it without putting an undue financial burden on the firm, since Aptara did not need all the space immediately and wanted neither to pay for excess space nor a second move.
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After touring the market it was decided that moving from Aptara’s location at 500 Harrison Avenue to 12,856 square feet of space at 38 Wareham Street was the best option. It also allowed Aptara to remain with its existing landlord and the relationship they had cultivated over the preceding years.
The initial offer by the Landlord was $21 per square foot and a tenant improvement package of $48,000. Equitable managed to negotiate a $14/sf rent and a rent phase of paying on 10,000sf in year one, 11,000sf in year two and 12,856sf in years three through five along with three months free rent. We added a turnkey buildout totaling $353,540, thereby leaving Aptara with $0.00 in tenant improvement liability. Equitable also managed to get the existing security deposit cut more than in half from $30,100 to $15,000 and refunded. Equitable also negotiated with the landlord for a full lobby renovation, a new building entrance and pouring a new concrete floor in the basement to eliminate the source of an odor in the common lobby.
This was all done with no cost passed through to Aptara. From initial salvo to fully negotiated lease, Equitable Real Estate’s negotiations resulted in a net savings to Aptara of $838,716, or well in excess of 67% from the original offer.
Please feel free to contact Steven Rose, Vice President of Finance, at 703-352-0001.