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Finding Permanent
Office Space
Steve Lombardi
Rick Robinson
Ryan Weber
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Agenda
Overview of Commercial Real Estate
The Process
Components of a Commercial Lease
Overview of the Market
About Thompson Hennessey & Partners
Open Forum: Q&A session
August 10, 2010
Todays Agenda
Finding Permanent Office Space
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Four Categories of Commercial Space
August 10, 2010
Overview of Commercial Real Estate
Types of Space
Office
Industrial
Lab
Retail
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Parties Involved in a Commercial Lease
August 10, 2010
Overview of Commercial Real Estate
Parties Involved
Landlord
Landlords Broker
Landlords Attorney
Tenant
Tenants Broker
Tenants Attorney
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Beginning the Process Search Criteria
Size of Space
Typically an open layout
200 square feet per employee
Geography
Hiring pool
Public transportation
Parking
BudgetTerm
Flexibility
Growth Concerns
Image of Space
August 10, 2010
The Process
Search Criteria
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The Process
Survey the market
Tour properties
Request proposals
Negotiate business terms
Execute a Letter of Intent
Negotiate Lease
Execute Lease
August 10, 2010
The Process
Steps to Locating Commercial Space
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The Components of a Lease
Rent
Tenant Improvement Allowance
Operating Expenses & Real Estate Taxes
Renewal Rights
Expansion Rights
Sublease Rights
Security Deposit
August 10, 2010
Components of a Commercial Lease
Content Overview
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Boston
Rents starting to increase in Financial District & Back
Bay
Class A Space
Typical start up locations: Fort Point Channel, Leather
District,
South End
Rents still tenant friendly in these locations
Sublease opportunities to explore for even lower rents
August 10, 2010
Overview of the Market
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Cambridge
Kendall Square is the place to be. Can you afford it?
Large requirements will remove supply, forcing rents toincrease
further.
Class B rents are increasing due to tenant demands.
Is it necessary for your company to be in Cambridge?
August 10, 2010
Overview of the Market
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Route 128
30-50% less expensive than Cambridge and Boston rents
Flexible lease terms/1-3 year lease term
Many firms look to the 128 Central area when relocating
fromCambridge/Boston i.e. Biogen, Color Kinetics, AMAG
Venture Capital Firms like to be close to their portfolio
companies
Recruiting large employee base commutes from New
HampshireLimited public transportation
Free parking
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Overview of the Market
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Venture Capital Firms
Grandbanks Capital
Spark Capital
Atlas Venture
Polaris Venture Partners
Flybridge Capital Partners
Dace Ventures
Common Angels
Bessemer Ventures
August 10, 2010
About Thompson Hennessey & Partners
Our Experience
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Portfolio Companies
Enpocket
BzzAgent
Nexage
Linkwell Communications
Outside the Classroom
SupplyScape
Visible Measures
Agrivida
AgaMatrix
Demiurge Studios
Vela Systems
August 10, 2010
About Thompson Hennessey & Partners
Our Experience
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Why Thompson Hennessey & Partners?
No conflict of interest
Superior market knowledge
Teamwork approach
Proven track record
August 10, 2010
About Thompson Hennessey & Partners
The Right Partner
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Contact InformationSteve Lombardi
617-912-6736
[email protected]
Rick Robinson
617-912-6723
[email protected]
Ryan Weber
617-912-6720
[email protected]
August 10, 2010
About Thompson Hennessey & Partners
Contact Information
