OpenTV
San Francisco, CA
42,565 SF
CresaPartners
San Francisco
CresaPartners
San Jose
Client Objectives
OpenTV wanted to downsize and take advantage of lower rental rates in a new high identity location, with building signage and building infrastructure capable of housing a worldwide 24/7 operation as part of a headquarters relocation. Their existing premises were too large and expensive as OpenTV had a NNN master lease on an entire building and had sublet space at a loss for their remaining term. The new premises were to be one-of-a-kind, reflecting their creative culture and offering a prestigious facility for worldwide clients.
Result
CresaPartners evaluated the entire downtown San Francisco market to target those buildings and landlords that could meet the economic, technical, cultural, and logistical needs. CresaPartners selected buildings that could meet all goals and completed negotiations and costing for each. A single viable alternative was identified after reviewing the entire market. At the same time negotiations were opened with the existing landlord to recast the master lease, convert to a fully serviced tenancy, reduce current rent, and obtain ownership of all FF&E owned by the building, including server rooms, generators, UPS systems, and more. A new fully serviced lease was signed with the existing landlord retaining full building identity, acquisition of all FF&E for $1.00, an immediate rent reduction, all parking, and an upgrade of all systems and common areas for the multi-tenant building. The total savings from the potential relocation was more than two million dollars.