Mitchell Stein Renewal

Represented a local law firm focused exclusively on short-term subleases.
Goal was to secure a short-term renewal or new sublease with minimal buildout costs.

Limited availability of quality subleases in Midtown Phoenix at the desired size and price point.
As a law firm, they required a high office count and were not willing to invest heavily in tenant improvements (TI).
Sublease options available were expensive and didn’t justify a move.

Explored all viable sublease options to establish leverage in negotiations.
Identified a high-cost sublease that, while not ideal, created negotiating power.
Used market softness and sublease leverage to negotiate a favorable short-term renewal.

Secured a renewal with convertible TI allowance, flat rental rate, and above-market free rent.
Avoided relocation costs and disruption while maintaining office-heavy layout.
Took full advantage of Midtown Phoenix’s tenant-favorable conditions.