Located in multiple suites in a midrise building in Burlingame, venture capital backed XTime had outgrown its current space. The preference was to consolidate the company into one space. As a result, the market search enveloped the North Peninsula to South Bay area markets. Our services were retained to both secure a new headquarters location while at the same time evaluating the various steps involved with terminating their current lease obligation with an un-responsive Landlord.
XTime was located in a poorly maintained building paying above-market rents in multiple suites on different floors. XTime needed to terminate the leases in order for the venture capital group backing the company to provide additional funding.
Our involvement helped XTime terminate the existing lease obligation under “Constructive Eviction” guidelines. In addition, we were able to secure a new, Class A “plug and play” facility with FF&E in place. The landlord provided a moving allowance among many other concessions, and we were able to please the venture capital backers with a reasonable rental rate in a Class A facility. This transition also made it possible to consolidate multiple spaces into one efficiently planned facility.