In 2011 Martello was managing a parkade in downtown Vancouver on behalf of a client. The parking lot operating company's lease that occupied 95% of the building was coming up for renewal; however, over the 25 years of being at the building the parking company’s business model had changed. The tenant began demanding changes to the lease to fit their own needs. This put our client in a difficult situation as he had developed a relationship with the tenant over the years and was reluctant to end the lease. Martello then approached our client to help find a solution to this problem.
The Martello team evaluated the current situation and after careful consideration of current market conditions and comparable transactions, recommended the client that it was in his best interest to terminate the long term lease to find a tenant whose business model would be mutually beneficial. While the lease was being terminated, our established business network was leveraged to find an appropriate replacement tenant whose business aligned with our client's interest.
Martello used seamless collaboration across our business lines allowing our client secure a long-term tenant without any loss in rental revenue. The client now enjoys rent that exceeds the former tenants rent by over 30%.