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Choyce Peterson Negotiates a Lease for ExecuNet Headquarters

ExecuNet Achieves Renewal with Upgrades and Rightsizing

Choyce Peterson, Inc. (www.choycepeterson.com), a full-service commercial real estate brokerage and consulting firm with a specialty in tenant representation, announced the successful completion of lease negotiations for the 5,221-square-foot ExecuNet headquarters at 295 Westport Ave. in Norwalk, CT. Choyce Peterson Principal John Hannigan represented ExecuNet in the transaction.

The team at Choyce Peterson in 2004 and again in 2010 represented ExecuNet in negotiating expansions of the space at 295 Westport Ave., and in each case ExecuNet signed a long-term lease. When it came time to discuss the company's upcoming lease expiration, it was a clear decision for ExecuNet President Mark Anderson to contact Hannigan again.

Hannigan guided Anderson in a thorough review of the Norwalk office space market while also soliciting a renewal proposal from the current landlord. The negotiations with the current landlord were made more intricate because ExecuNet was transitioning from a traditional office structure to a more streamlined, flexible working arrangement.

As ExecuNet had been in the building since 1998, Anderson determined that staying in the current office, but rescinding space, would be their best option. Hannigan led negotiations with the landlord to determine the location of the demising wall and the relocation of the front entrance to the suite. A new lease was signed that includes free rent, a competitive market rate and a reset of the base year operating expense and real estate tax figures. Hannigan also negotiated for new lighting, HVAC adjustments, reserved parking spaces and rewiring of the electric system for the server room, all to be completed at the landlord's expense.

Anderson stated, "We have enjoyed working with John and the Choyce Peterson team multiple times over the last 15 years, with their innate understanding of the marketplace and their creative approach to negotiating the best possible solution for us. They have always listened, proposed and helped us evaluate our options. We value the team for their detail-oriented method where they go the extra mile to work out defining details." Hannigan acknowledged, "We feel privileged that Mark came to us again to help ExecuNet through this challenging transition. In the end, we achieved several favorable lease terms that will help launch ExecuNet into this next chapter of their new streamlined business plan."

Negotiations were handled in house by the landlord, M.F. DiScala & Co.

www.choycepeterson.com

www.execunet.com