M.L. Stern & Co. LLC
M.L. Stern & Co. is a Beverly Hills-based full-service brokerage and commodity trader with offices located at 8350 Wilshire Boulevard. Sandstone Management had recently acquired the building, and as part of its acquisition due diligence, Sandstone had the building re-measured. This resulted in an immediate increase in operating expense and parking costs. With this change and with its lease nearing its expiration date, M.L. Stern retained Studley (now Savills Studley) to develop a detailed real estate analysis and recommendation.
After analyzing M.L. Stern’s real estate needs, Studley concluded that a fair market rental determination would likely produce unfavorable results for M.L. Stern, and as such, an early renewal was the most beneficial strategy to execute. Other issues were also identified with the building’s infrastructure and systems that helped in building a business case for M.L. Stern’s renewal.
Studley negotiated a below-market renewal with more than $400,000 in tenant improvements. Additionally, Studley ratified the square footage evaluation as well as locked operating expenses and parking costs.
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