Following a recent acquisition, Entrust Datacard needed to modernize its 140,000 sf lease and reconfigure office space.
Entrust was recently acquired by the Datacard Group of Companies in order to bolster its ability to provide identity based security solutions for the consumer, citizen and enterprise markets.
After the acquisition, Entrust Datacard (Ottawa) had to renegotiate and modernize its 140,000 sf office lease and secure a new agreement which would involve a transition to a new corporate accommodation standard.
Proveras worked with senior executives from Entrust Datacard to outline the primary objectives for the real estate process and bring forward options for a potential relocation, while at the same time, working with the existing Landlord to restructure the existing lease. In casting a wider net, our team was able to create an extremely competitive environment for Entrusts tenancy – proponent Landlords were informed that in order to be successful, they would have to offer aggressive business terms, and significant flexibility.
Entrust Datacard was able to secure an agreement that included below market rents, significant tenant inducements, and advantages such as rights to terminate, rights to contract, and rights to exchange free rent for a tenant inducement allowance from the Landlord.