Signature Group, a full service commercial real estate firm, has announced it has negotiated the five-year renewal of a lease for 2,900 square feet of office space at 50 Locust Ave. Nick Deluca, a Signature Group principal represented the tenant, HTG Investment Advisors, in the transaction.
In addition to establishing a lower rent based on today's market conditions, Signature Group worked with the property owner, Moran Towing, to include upgrades to both the tenant's space and some common areas as terms of the new agreement.
"This lease is typical of many that we've negotiated over the past two years," DeLuca said. "Tenants don't necessarily want to move, but will do so if they can't renew at current market rates. Savvy landlords are willing to re-set terms, including upgrades, to maintain stability, while improving the quality of their real estate asset. It becomes a win-win."
Signature Group offers a comprehensive menu of services including office and retail leasing, property management, cost segregation studies, investment sales and mortgage brokerage. For further information, call 203-655-1414 or visit www.signatureg.com.