Kinross Gold had an upcoming lease expiry for their approximately 82,000 sq ft office space in the downtown core.   They were pleased with their premises and building but wanted to undergo a text book process to evaluate a potential lease extension vs a relocation.   At the beginning of the process creating leverage had challenges because it was very much a landlord’s market and their Landlord was aware they were pleased with their space.   However, in the process Ellington identified an option closer to the financial core which had a significantly lower gross up factor than the majority of downtown buildings.   That, combined with some current workplace design trends, meant Kinross had a very viable relocation option where they could relocate into brand new, more efficient space for the same or less cost than remaining in their current location.  This was shared with their current Landlord who knew they then had to compete to keep Kinross’s tenancy, which they did. Kinross renewed under very favourable economic terms and Ellington was also able to negotiate more flexibility into their lease.

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