When It Comes to Leasing… The Little Things Borelli Does Mean a Lot
The executive vice president of a small technology company based in San Diego hops a flight to San Jose. An hour and a half later, he’s in his rented car leaving the airport. His mission: find space for a small secondary location in Silicon Valley. Where does he turn?
His specific interests and requirements create a challenge for many brokers:
- He is looking for less than 1,500 square feet of space. In fact, he would prefer it to be no more than 500 square feet to start.
- If he can find an office in the 500 square foot range, he would like a flexible lease that will enable him to expand his space quickly and cost-efficiently if the location “takes off”.
- Because there’s no guarantee that this secondary location will be successful, he needs a short-term lease so he doesn’t get stuck with having to sublease the space.
- He wants to be able to sign the papers and get the office set up within a week, when the regional manager will be joining the company.
“Honestly, there aren’t many brokers who would work this small space requirement on such short notice,” said Buddy Parsons, senior vice president-asset management for Borelli Investment Company. “We are geared to handle any type of space requirement, regardless of the size—big or small.”
Borelli Investment Company provides real estate services that go far beyond the ordinary, and its leasing services are tailored to companies with smaller space requirements and for which little things—such as added flexibility and responsiveness—mean a lot.
Smaller Spaces, Shorter Leases
One of Borelli’s specialties is serving emerging growth companies and start-ups. Because of this first-hand experience over the years, Borelli Investment Company’s team of talented agents and brokers has gained a true understanding of what smaller companies need to succeed.
To start, Borelli has one of the largest inventories of smaller office and industrial spaces in Silicon Valley, according to Parsons.
- A high percentage of Borelli’s inventory ranges from 1,200 square feet to 6,000 square feet. Often, Borelli has an array of options within the same park, so if a client outgrows a smaller space within a year or two, he or she can move to a larger space within the park and won’t have to undergo a major relocation.
- Borelli has a surprising number of spaces under 1,000 square feet, with some as small as 300 square feet for one- or two-person businesses. This makes Borelli the ideal choice for out-of-the-area companies looking to start a secondary office in Silicon Valley, or for start-up businesses that need a modest space to lease.
In addition to smaller spaces, Borelli is also willing to work with clients on short-term leases.
“While we obviously prefer multiple-year leases, we recognize fast-growing companies have more difficulty committing for extended periods of time,” Parsons remarked. “As a result, we’ll agree to leases as short as one year. We’ll also work with a client who outgrows a multiple-year lease within the first year, and have been known to terminate a lease obligation if the client agrees to move to a larger space within the same business park.”
Creative Leasing Alternatives
Sometimes, one of the biggest challenges to completing a lease is the business’ or individual’s credit history. Many new or emerging companies—such as those that have just signed incorporation papers or home businesses that suddenly need office space due to the addition of employees—lack any credit history.
Borelli has a number of creative solutions for meeting a building owner’s credit requirements, including additional security deposits, prepaid rent, or a personal guaranty. Borelli is always willing to work creatively with a client to help that client get into a lease.
Local Knowledge and Improved Responsiveness
In today’s fast-paced business world, it is not uncommon to have a client fly into town or call Borelli with a need for business space with a few days. Very few brokers or building owners can get a company into the right space and handle all the paperwork within 48 hours. Borelli has done that many times for its clients.
“We have an outstanding group of agents and brokers ready to respond,” explained Parsons. “Lock boxes are on-site at nearly every property we represent, so in the rare case we can’t tour a client through a vacant space, that client can gain quick access himself or herself.”
One of the keys to Borelli’s responsiveness is superior knowledge of its managed properties, according to Parsons.
“For example, we may have a client who has a special leasing requirement, such as power, HVAC, or specific building improvements,” he said. “Because we have managed and leased many of our properties for years, our people can match a given leasing requirement to a particular property. Our owners also empower us as decision-makers, so we can answer questions such as ‘Can I add an extra door here or install a power outlet on that wall?’ without lengthy delays.”
In addition, Borelli is highly responsive when it comes to maintenance or other requests once a business has occupied its space. Landport, a web-based client support system, enables tenants to submit service requests online, quickly and easily. Borelli property managers and field personnel are notified immediately via cell phone, pager, or PDA. Landport even lets tenants track the status of a request online until it is completed.
Of course, Borelli offers the essential qualities every client is looking for in all of its properties:
- Competitive pricing
- Immediate occupancy
- Flexible terms
- Large and varied inventory
But when it comes to specific experience, market knowledge, and willingness to go beyond the ordinary to accommodate clients with special needs, it’s the little things Borelli does that make a BIG difference—whether a client’s space requirements are large or small.
For more information about Borelli Investment Company’s leasing services or its current inventory of space, contact Buddy Parsons at (408) 453-4700, or e-mail firstname.lastname@example.org.