Cimarex

Who
Cimarex
DESCRIPTION
76,000 SF Lease Restructure completed in November 2014. A ten-year transaction with Beacon Properties‍
When
November 1, 2014

Cimarex originally occupied two floors on the lower bank. Primary concerns were economics, and not wanting to go through a staged move.  Beacon was offering 3 floors higher in the bank, but at a $2.00 PSF higher staring rent. The outcome, negotiated three floor deal at 1801 California on upper floors at NNN rate which Beacon was offering Cimarex for the lower floors.  During negotiations with Brookfield, Cimarex hit an issue with securitization. This allowed the team to go back to Beacon with a “final and best”  Beacon agreed to honor the rate offered Cimarex on the lower floors for the higher floors saving Cimarex $175,000  per annum as well as moving into higher floors.

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