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Echo Advertising

Echo Advertising + Marketing Inc. was founded in 1978 in Toronto as a full-service advertising agency. It has become one of Canada’s largest independent advertising and marketing companies, serving a diverse group of international clients through its offices in Toronto and London, England.

The Challenge

Savills was retained to conduct a market evaluation of downtown office space. Echo’s concern was whether to renew or relocate. It believed that its landlord perceived it to be “captive”.

Savills Response

Savills methodology was to create a competitive environment in which Echo’s landlord would have to compete — with other landlords — for its renewed tenancy. Savills found an extremely feasible and credible alternate. It had been lavishly outfitted with furniture, leaseholds, technology, and expensive construction, and Savills negotiated a subsidy from the previous tenant. This alternative created an environment that persuaded the present landlord to be unusually aggressive in its renewal proposal to Echo.

The Solution

The strategy worked, and Savills successfully completed a 10-year renewal term for 38,000 sq. ft. The renewal possesses unusual flexibility, including termination and contraction options, as well as naming rights and an option to purchase the building.

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Key contacts

Stan Krawitz

Stan Krawitz

Vice Chairman – Founder, Head of Canada

Savills Toronto

+1 416 480 0745 Ext. 3030

 

Ken Norris

Ken Norris

Senior Vice President, Branch Manager – Ontario Office

Savills Toronto

+1 416 480 0745 Ext. 3047