Hatch Lease - Oscar Bait?
Certain movie types will guarantee an Oscar nomination. Can the same be said for leases and the NAIOP/BIV Awards of Excellence? Today we look at Hatch's lease, nominated in the Office Lease category, to see what was so special about it.
Colliers’ AVP Dan Jordan gives us the details of the engineering company's extension at Oceanic Plaza on West Hastings (pic below). There were several complicating factors: Hatch had more than doubled in size in the building during the preceding 10 years and had ended up with two separate leases with two separate expiry dates. Hatch’s goal was to have all of its space consolidated into one master lease, “while still maintaining long-term flexibility" to grow and contract in the building over time.
The landlord got long-term certainty, while still maintaining flexibility for the tenant. Hatch has one master lease for all of its space, with a lease that has multiple commencement dates and a complex series of options to renew and expand. Other nominees in the category are CBRE’s Coast Capital, Avison Young’s MNP relocation, Meryl Streep, and CBRE’s Westport Power. The awards are May 28.
