Barometer - property advice that gives you an advantage

Torkin Manes

For more than three decades, Torkin Manes' clients have consistently benefited from the broad experience and expertise of legal advisors considered to be leaders in their respective practice areas. Offering the same quality of expertise expected at a larger firm, with the advantages that come from being a mid-sized firm, Torkin Manes’ professionals counsel people who require pragmatic, proactive, and strategic advice on a myriad of issues. These include administrative and business law, commercial real estate and construction law, litigation, restructuring and security realization, estate planning and personal financial management, employment issues, personal injuries, and family matters.

The Challenge

In the summer of 2004, Savills was retained by Torkin Manes to help evaluate an unsolicited offer it received to lease its space to a neighbouring tenant who required a significant amount of expansion space. While Torkin Manes still had approximately three years left on its lease, it found itself in the exceptional position of being able to explore relocation to a new facility in an extremely competitive real estate market — all in the absence of any pressure to enter into any new agreement.

Savills Response

Savills approach was simultaneously to negotiate the assignment of Torkin Manes’ present space to its neighbour, source the market for alternates, negotiate relocation to new premises, and investigate a long-term renewal of its present space.

The Solution

A particularly feasible and credible alternative was found. It created an environment that induced the existing landlord to offer Torkin Manes a competitive long-term renewal proposal. The strategy worked, and Savills successfully completed a 10-year renewal term for 41,000 sq. ft.

Related Services

 
 
 

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