CASE STUDY

General Electric

CHALLENGE

By 2011, the Lima office market continued with a situation of demand and limited supply of spaces. The vacancy rate at the end of the year was 2.7%, very low compared with the previous year's: 5.3%. Also, in 2011, 56.048 m2 were absorbed by the prime sector. Our client, General Electric, required advising in the relocation of its offices: leasing of 3,000 m2 in a A+ building. GE, being one of the most important companies in consumer, lighting and general services in the United States, required that its future headquarters count on high safety standards and considered a certain criteria selection: safety and automation systems, floor-ceiling height , plant efficiency, low ratio of parking, among others.  Also, due to the rapid and aggressive local growth, GE required an immediate space of 600 m2, preferably nearby its current offices.

STRATEGY

Due to the lack of supply and high demand, besides of the high standards and criteria that were handled, executives focused on reviewing only new properties delivered by the first quarter of 2013.
Considering buildings under construction, metering and customer's brand; allowed that the commercial terms were negotiated in a positive way for GE.
We conducted a thorough search of implemented spaces in order to solve their immediate requirement.

SERVICE

GE requested our advice through our service of tenant representation for its requirement of 3,000 m2 (medium term) and to 600 m2 (short term).

RESULTS

GE signed a lease on a building that is listed as one of the most iconic office buildings in Lima. This because it is located in a consolidated area in addition to its exposure; it´s also a high-level building (LEED certified), considering its high safety standards in their characteristics, the level of owner (one of the most important economic groups in our country), among others. The total leased area was 3.299 m2 distributed in 3 contiguous floors. Including 95 parking units. The transaction was made for a 10 years. Additionally, we achieve the option of subleasing 1/3 of GE rented space in order to solve the non occupancy of space. Also, it was possible to locate an implemented office in the same building currently occupied by GE.

A medium-term contract was agreed in order to cover the time needed for the delivery of their new offices and the implementation of them.

Peru