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Lease Expense Review
Confidential - Industrial
CLIENT
Confidential - Industrial
SPACE
N/A
INDUSTRY
Industrial
CRESA TEAM
Maria Nenciu
CRESA OFFICE
Toronto, ON
SERVICES PROVIDED
Lease Expense Review
CLIENT OBJECTIVES & RESULTS
CLIENT OBJECTIVES
- - An industrial client moved to a new location and engaged Cresa Toronto to review its initial two-year reconciliations to ensure compliance with their lease agreement.
- The client had the right to use a specific number of non-assignable parking spaces and had the option to convert some into reserved spaces in the parking structure located behind the building.
- While the client chose not to convert any parking spaces, the landlord improperly recovered major capital costs incurred to upgrade the reserved parking area.
RESULTS
- - The Cresa Toronto team initiated a dialogue with the landlord to clarify information and observations, and to correct the improper recovery.
- After a series of respectful yet assertive communications, the landlord agreed to adjust the reconciliation, removing the reserved parking depreciation.
- Thanks to this adjustment, the client realized an immediate saving of $22,000 and future savings of $190,000 plus interest.
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© 2024 Cresa Toronto Inc., Brokerage
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