Locating a creative space in the core of Columbus's business business district.
Serendipity Labs, a newer co-working concept, was looking to expand in the Columbus market. Nationally, the brand had only 6 offices open with another 120 new locations planned over the next 24 months. Their concept, different than other co-working competitors, was to franchise each market. In all of their other locations corporate had recommended to the franchisee that they use the same national brokerage to represent them. However, in our situation, we had worked with the franchisee in the past to help them with other office needs and they selected Elford Realty to represent them in the market. Their first goal was to find a downtown office location with visibility and signage that could be transformed into creative space.
We were able to tour all available spaces in the CBD market and help Serendipity understand the market and their options. We narrowed the options down to 3 and did a request for proposal. Our biggest challenge was convincing landlords and brokers about the concept, and more importantly about new a new franchisee who had never opened a location. We ended up negotiating a great deal with an institutional landlord that allowed them to get free rent, a generous tenant improvement allowance, signage, and a reasonable guarantee. Additionally, we were able to find them creative space in the core of the CBD, surrounded by numerous amenities that has 20 foot ceilings and attached parking. It was a win for the landlord and a win for our tenant.