-
Situation
Kinnser Software leased approximately 49,000 SF at a building in SW Austin. As the company grew and the number of employees increased, they were forced to lease available space on separate floors to accommodate their growth. Kinnser engaged Stream with the goal of locating a contiguous block of space that offered a creative open layout in SW Austin. Although Kinnser was committed to staying in SW Austin, there were very limited opportunities for a tenant of their size, given the space parameters and the current market conditions in the SW submarket.
-
Action
Due to our market knowledge and relationships with other brokers and owners in the market, Stream successfully identified an off-market, 50,000 square foot sublease opportunity, located in a 2015 built, Class A office in close-in SW Austin. This was an incredibly unique opportunity as the space offered an internal staircase and well-above building standard interior finishes. The existing tenant was in discussions with one other prospective tenant to take a large portion of the space, amd Stream moved quickly to procure the space. Stream was able to secure the space for Kinnser, negotiate a termination with the existing tenant, and a direct deal with the Landlord, all in a 3-week period due to time constraints.
Results
To summarize, Stream executed a below market direct deal, with limited out of pocket build-out costs for the client, in a superior building, space, location, layout, for years to come. In the negotiations, Stream provided a built-in growth path for Kinnser that should allows them flexibility with their growth over the next 10 years.
Through Stream’s keen understanding of availabilities in the market, Kinnser will save more than $3.0 M over their 10-year term, as a result of the finish out, furniture, and rent savings on the space.
