Office Space Deals across the GTA – July 2010

For a full price list or additional information on the commercial real estate properties above email us here or call 416-643-3713.

Good luck on your real estate search!

Refinishing Commercial Hardwood Floors

I’m working with a tenant that needs to have the hardwood floors refinished in a commercial building. One of the contractors I work with recommended Sands Commercial Flooring. They came back with the attached numbers.

Sand and stain – $2.15 per square foot
Buff and Urethane – $1.50 per square foot

Have you refinished the floors in your office space? Have a recommendation on how to do it cheaper?

Google’s Office in Chicago

I really hope to do this for Google Toronto.  Maybe if I send them this post they will let me come in and see their facilities at Yonge and Dundas.  A real estate agent can hope can’t he?

Featured Client – Chick Advisor – 96 Spadina Avenue

I had the pleasure of meeting Alex and Ali de Bold at a number of tech related networking events.  As an up and coming start-up with lots of influence in the industry I was eager to help them out.  It took some patience to find the right premises as there were not a lot of vacancies at the time and both Ali and Alex had a solid vision on the type of space that would suit the company.  Further, it wasn’t the smoothest transaction trying to deal with Allied Properties and getting all of the construction covered and amortized into the rental rate.  However, at the end of the day we secured a lease, had the space built out to their specs and moved in on schedule.  If you would like to know more about ChickAdvisor.com you can check them out here!

If you want guidance on how to find your new office space contact me!

About ChickAdvisor

Nothing beats a good recommendation and that’s what ChickAdvisor is all about! We are a social media platform for women with user-generated reviews on the best products and local services in North America. In addition to our online presence, we host local events a Product Review Club and videos!

Our goal is to help women make better purchasing decisions by getting advice first on a wide range of topics from electronics to electrolysis. Our members determine the hottest trends, the best local services, and the coolest products, and we deliver the location and purchase information to make getting what you want faster and more affordable.

ChickAdvisor launched in September 2006 by husband and wife duo Ali and Alex de Bold as a solution for Ali’s constant search for the perfect hair salon. The company has been profiled in many major on and offline publications including CBC Newsworld, GlobalTV, The Toronto Star, CBC Radio, Canadian Business, Media in Canada, Slice.ca and Rogers Media.

Top 40 Canadian Online Marketers of 2009

New Biomass Plant for the UK Looks Like a Giant Green Volcano

The United Kingdom is splattered with fossil fuel based power plants and concrete cooling towers which are major carbon producers as well as eyesores. Luckily, plans for a new biomass power plant covered in native grasses in the UK have just been released and they will complement the surrounding ecology as well as decrease carbon emissions by 80% compared to coal or gas fired power stations. Designed by Thomas Heatherwick, a London-based firm, the 49.3 MW power plant located on the banks of the River Tees will be a man-made mountain covered in plants and will certainly be a welcome replacement to the older, pollution-spewing plants around the country.

Powered by palm kernel shells, which are the byproducts of palm oil plantations, the plant will reduce carbon emissions by 80% compared to traditional coal or gas fired stations. The palm kernel shells, considered a renewable fuel, will be delivered directly by boat, eliminating the need to haul the fuel by truck. The 49 MW plant will provide enough power for 50,000 homes, providing cleaner, lower carbon baseload power for the region. Inside, the power plant will also contain offices, a visitors’ center and an education resource center for renewable energy.

Built on a brownfield site next to the river, the BEI-Teeside plant will bring much needed investment to the area, as well as renew a currently barren plot of land. While similar plants are certainly not free of carbon emissions, this biomass plant is a step in the right direction and is one of the best looking power plants we’ve ever seen.

by Bridgette Meinhold, 12/21/09

Types of Commercial Real Estate Leases

Type of Lease	What Rent Includes	Type of Space
Industrial Gross (IG)	Monthly Base Rent + Tenants Share of Utilites, Janitorial Services	Typically warehouse space, industrial, R&D and lower end office space
Triple Net Lease (NNN)	Monthly Base Rent + Tenants Share of Taxes, Insurance, Janitorial, Common Area Maintenance and Utilities	Any commercial lease; tenants should negotiate for favorable NNN terms
Fully Serviced Lease (FS)	Monthy Base Rent Only	Typcially higher end multi-tenant office space. Also common for subleases and shared spaces.
Percentage Lease	Monthly Base Rent + Percent of Monthly Sales	Retail Businesses, Malls

Triple Net (NNN)
The landlord pushes through all possible expenses to a tenant. The expenses include:

* Property Taxes: If a property sells or is reassessed, a small business can take a drastic hit to their rent expense. Try to negotiate a cap if possible on the potential increase.
* Building insurance: The small business pays for the landlord’s property insurance.
* Common Area Maintenance: Everything from security guards to landscaping to re-paving gets added into the number.
* Utilities: Some spaces are separately metered where you pay for your exact PG&E usage. If not, the landlord will bill you for your prorated share (your square footage/total building square footage).
* Janitorial: A cleaning crew that cleans your space and the common areas of the building.

Industrial Gross (IG)
Small Business pays for its own Utilities and Janitorial. Landlord pays for everything else

Full Service (FS)
Landlord is responsible for all expenses.

Link to Rofo

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Ecovert – Company Profile

Ecovert is a full service environmental real estate consulting firm. We provide our clients with practical, sustainable solutions that best match their business needs. Incorporating a holistic approach to the design and construction process, we aim to take full advantage of innovative green technologies and processes, while incorporating the most economical methods.

I had the pleasure of meeting Adolfo Silva for a coffee to discuss the process of “Greening” an office building.  Adolfo has a background in construction and it was obvious he understands the concerns of most landlords these days – capitol improvements.

We also spoke briefly about moving forward with a “Green” plan, something I have been recommending to the landlords I work with.  The concept is to take baby steps forward now so that the expense of going green in the future becomes a more reasonable endeavor.  For example, as suites become vacant the landlord should replace the lights with new LED systems, move to environmentally friendly carpet and use low VOC paint.  I believe most tenants will be searching out green office space exclusively in the future; you might as well start greening your building now and be ahead of the curve.

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Freshbooks – Office Profile

The Freshbooks head office is at 2770 Dufferin Street – a little unassuming building about 10 minutes walk from the Glencairn TTC station.   I wasn’t expecting much when I first saw the property but once you get inside they have some really cool space.  A few breakout meeting rooms, polished concrete floors, some great movie posters, big windows with lots of natural light and even a foozeball table!  What more could you ask for as a tech company?  There weren’t many restaurants next door but a short walk either North or South and you can find some great lunch spots.

Rayanne Langdon (Queen of Hearts – @rlangdon) and Grace Antonio greeted me promptly upon arrival.  Freshbooks is still at a size where every employee feels part of the team and the energy in the office felt awesome.  The staff were given an opportunity to provide input on the design of the offices  and I think they did a great job setting it up.  A few months ago Freshbooks posted some advice on their blog about  how to save a few bucks designing your office space.  The post can be found here.

There isn’t much to say about plus / minus of the ownership of the building as Freshbooks keeps to themselves.  The building is far enough away from the financial core and the Spadina node that they don’t get a lot of drop in traffic without appointments, which can be a good or bad thing.

To learn more about Freshbooks and their services check out their website at Freshbooks.com – here’s a little more on this great company and their services.

FreshBooks is an online invoicing and time tracking service that helps entrepreneurs, freelancers and small businesses in more than 100 countries save time, get paid faster, look professional and focus on what they love to do — their work. Since 2004, FreshBooks has touched over 1,000,000 lives and according to its 2007 customer survey, 99% of FreshBooks users recommend FreshBooks to others seeking an easy, effective billing service. FreshBooks, a service of 2ndSite, Inc., has its headquarters and development center in Toronto, Ontario, Canada.

Freshbooks Contact Info

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McMillan LLP – Commercial Real Estate Lawyers

I sat down with Robert Antenore this am for a coffee.  He helped negotiate the lease on a transaction we have completed with a large multinational renewable energy company who is leasing their first office space in Toronto.  Amongst the many value add things he mentioned during our coffee, he stressed to always have a clause within the offer that keeps the Landlord standard form of lease up for negotiation after the offer has gone firm.  Fortunately I have this clause as part of my standard offer so my clients won’t get caught by items like demolition, relocation or restoration clause that landlord’s try and sneak through.

I highly recommend, as an agent, you consult with a lawyer on your standard form of offer to keep up with the times.  A good offer makes everything go that much smoother.  Further, hiring a good lawyer is a critical step when leasing your office space.  After my experience with Robert, I would not hesitate to recommend him to my other clients moving forward.

Thanks Robert!

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