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Case Study: Innovative Sublease at 1075 Worcester St.

Posted by Anne on January 12, 2024
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Background:

R.W. Holmes Commercial Real Estate, under the guidance of Director of Corporate Services Elizabeth Holmes, recently facilitated a unique subleasing arrangement at 1075 Worcester St., a state of the art office building in Natick. The building, a $25.5 million, 60,000-sf structure, is primarily owned & occupied by Exponent, a Silicon Valley company, on its lower levels.

Scenario:

Two tenants, public relations firm MacDougall and online therapy startup Uwill, engaged in an unconventional space swap. MacDougall was seeking to downsize from its 9,564 sq. ft space, while Uwill, having received additional funding for its platform, needed to expand. Both tenants were located on the building’s fully occupied top floor.

Solution:

Elizabeth Holmes, recognizing the mutual needs of both tenants, orchestrated a swap. MacDougall agreed to move into Uwill’s smaller space while Uwill took over MacDougall’s larger office. This arrangement was facilitated without either tenant needing to leave the building despite the top floor being completely occupied.

Process:

The transition involved both firms working on amenitizing, furnishing, and installing systems in their new spaces. The swap was planned for January, with minimal disruptions expected due to the proximity of the moves. Both firms wrote subleases to each other and retained the option to renew with Exponent in the future and without both tenants need to bring their space to the oversupplied office market.

Outcome:

The space swap was highly beneficial for both tenants, meeting their current and future space needs efficiently. Elizabeth Holmes hailed the arrangement as a win-win situation for all parties involved, including the landlord, Exponent, who ensured full occupancy of their top floor through mid-decade.

Conclusion:

This case exemplifies R.W. Holmes’ innovative approach to tenant management and space optimization. The successful orchestration of this swap not only satisfied the immediate needs of MacDougall and Uwill but also maintained the building’s occupancy levels, showcasing their expertise in handling complex leasing scenarios.

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