Sublease & Disposition Proposal for Vyaire

STRATEGY OVERVIEW

IRVINE

METTAWA

The Irvine and Mettawa locations have their own unique set of circumstances that will require different strategies to achieve the best outcome for Vyaire Medical. However, the experience of the local C&W Team, knowledge of the market, and strong working relationships with the respective landlords is consistent across the markets and important in executing our strategies.

The key to being successful without providing a tenant improvement allowance will be to locate a replacement tenant that wants a direct lease with Irvine Company. To do this, we will have to work closely and coordinate with the Irvine Company. Our extensive experience working with them will help us accomplish our goals. We will directly target all the larger occupants known to be active in the market. We will also target occupiers that are not in the market but known to be growing, such as the multiple video game companies that have recently been formed by Blizzard alumni. Through direct outreach and an electronic marketing campaign, we will make sure that every broker in the market and region knows about the space. We have good relationships with the brokerage community and pride ourselves on being a firm that others want to work with.

It is our recommendation to cast a wide net for potential subtenants by marketing all four floors for sublease and consider transactions as small as one floor. The property is 100% leased and has not been seen by the brokerage community in years. Thus, having a high-quality marketing campaign will be critical to reintroduce the building to the market and it will be imperative to incorporate the latest technology to provide virtual tours. It would also be advisable to have a broker event on site, if it’s not too disruptive to the employees, in order to create further exposure of the space. Similar to Irvine, it will be key that we have a strong relationship with the landlord as there are multiple outcomes that we will need their cooperation in order to achieve the best outcome for Vyaire Medical. Due to the market conditions and our perspective they will further decline before improving, we recommend getting very aggressive on the overall terms. The market will eventually improve, but time is not on our side and we will achieve better outcome by being aggressive earlier on.

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