SCOPE OF SERVICES & TIMELINE STRATEGY
- Provide an abstract of the current lease to outline end of lease clauses and obligations.
- Assemble Core Project Team— brokers, architect, construction management & vendors.
- Further develop and outline project goals and drivers (Full needs assessment).
- Establish reporting and communication strategy.
- Space planning analysis.
- Employee and client/patrons commuter study.
- Perform initial market search – Detailed in a comprehensive market survey summary.
- Engage the market – tour available and viable options.
- Perform property/space comparison – highlighting strengths/weaknesses both physically and financially.
- Identify short list selection.
- Draft and submit Request for Proposals (RFP’s) – Outlining specific criteria of the requirement.
- Prepare a quantitative analysis for each RFP response.
- Base year increases for operating expenses & real estate taxes.
- Base rent, utilities & “other rent”.
- Address economic impact of loss factors, concessions, escalations, and other considerations.
- Narrow short list – Secondary tour with key personnel.
- Internally or in conjunction with building architects, prepare a “test fit” plans of the selected suites. (Used to determine efficiencies, layout, furniture plan & construction pricing within specific suite).
- Negotiate terms – Eliminate all non-competitive proposals. Of the remaining, begin tactical negotiations, with Tenant’s input & approval. Objective is to leverage the remaining viable options & secure the best transaction possible.
- Final economic analysis— Deal terms, construction costs & move costs.
- Executive/board review.
- Identify property.
Location Selection Tipping Point
- Best and Final Terms – Letter of Intent (LOI).
- Prepare a detailed Letter of Understanding which will outline all of the agreed upon business terms. This letter will clarify the transaction and prevent future misunderstandings.
- Legal and internal review to finalize LOI.
- Assist client and their designated attorney in the negotiation of the terms and conditions in the lease.
- Finalize due diligence/review of lease & execution.
- Finalize construction costs and documentation (For a turnkey buildout – coordinate with Landlord’s vendors).
- Finalize vendor bids – In conjunction of working with internal or external design team for FF&E selection.
- Select vendors (Moving, IT, Furniture, Design, Construction, Project Management, Legal & Insurance).
- Commence construction.
- Set occupancy timeline and key benchmark dates.
- Coordinate relocation with vendors and client employees
- Finalize relocation.
- Create punch list outlining any construction defects.
- Lease Summary Review – Boston Realty Advisors will prepare a summary of the lease. The abstract will highlight the key economics and term details during the term of your lease.