Cisco saves 15% in rent with iO Partners’ tenant representation services
28. 08. 2024
With its lease soon to expire, Cisco enlisted iO Partners to negotiate lease renewal, achieve savings and enhance flexibility.
Challenge
Technology and software development company Cisco found themselves in a lease with less than 18 months until expiration. With ambitions to extend it, increase savings and enhance flexibility, they enlisted the expertise of iO Partners.
Approach
iO Partners’ dedicated tenant representation team promptly prepared a financial analysis to compare the costs of staying versus relocating. They also began negotiations on lease renewal, working to secure favourable terms.
Once this was achieved, the team finalised the terms of the lease agreement and provided seamless coordination throughout the addendum process.
Results
As a result of iO Partners’ negotiations, which took a total of 10 months, Cisco successfully extended its lease while securing flexible lease terms. This included the right to early termination and the right to abatement. In addition to this, iO Partners was able to save Cisco 15.36% on rent by securing rent-free months. Doing this has given Cisco the freedom to open themselves up to new opportunities for growth and future development.