Real estate challenges are often a combination of issues. Take Empire Aviation Center, part of Israel Aircraft Industries (IAI), for instance. Now they really had problems. Their occupancy costs were higher than industry benchmarks. The geometry of their hangar at Miami International Airport was inefficient. And the MIA’s aviation authority security was not up to IAI’s standards. We were engaged to renegotiate Empire’s leasehold and simultaneously search for alternatives. When Miami renegotiations failed, we negotiated a 50-year leasehold for a former B52 hangar in Rome, NY. Working closely with five local, regional and federal agencies, we assembled an economic-incentive package that included the requisite renovation of the hangar and airfield, working capital for the company’s relocation and operations, employee-relocation assistance, tax abatements, and long-term rent concessions – a package valued at 20 times the leasehold rent. Empire is now one of upstate New York’s largest private employers.
To read about the 50 worst situations our clients have found themselves in, read Hierarchy of Horrors. To improve your real estate communications, read Glossary of Terms.
“We have been poorly represented in past negotiations.”