Solution: Picking up and moving to another location was not an option, given their investment in the existing facility and the need to make additional improvements to expand manufacturing. With only 4 years remaining on the existing lease, it didn’t make sense to invest more money without a longer-term lease. After looking at all of the options in the market, we went back to the existing landlord, who initially didn’t want to discuss a lease extension with 4 years remaining on the lease, and negotiated a below market rent for an additional 6 year term combined with an additional 16,000 sf of expansion space.
“Securing longer term leases for our existing facilities and adding additional expansion space were key components of our business plan going forward. The Stevens Group, as a trusted strategic partner, guided us through the process and negotiated on our behalf to produce the best possible results. Their in-depth knowledge of the real estate market and vast experience have been invaluable to us as we expand.”
George LeMaitre, Chairman and CEO, LeMaitre Vascular