Case Study
The Lease Renewal No One Tested Against the Market
An owner was ready to extend a sixteen-year, investment-grade tenancy at a rate the market had left behind.
Value left on the table is invisible until someone tests the number against the market. This is one example.
The Assignment
An owner held a long-term industrial lease with one of the country’s largest and most creditworthy corporations, a tenancy of more than sixteen years. As the lease approached expiration, he prepared to extend at the existing rate, a number that had not been reset to the market in years. He did not retain us to negotiate. He retained us to review a deal he had already decided to accept.
The Examination
We tested the proposed rate against current conditions for comparable industrial space in the submarket. Vacancy was historically low, demand from logistics and distribution tenants was strong, and the tenant, an investment-grade occupier with a sixteen-year history in the building, was an extraordinarily low-risk covenant.
The Finding
The proposed rate was well below market and no longer defensible. The credit strength the owner was treating as a reason to discount was the basis to command a market rate. No market analysis had been done. The renewal was being offered as a courtesy rather than negotiated as a transaction.
The Outcome
We engaged the tenant’s representative with a market-supported position. The strength of the tenancy became the reason to hold a market rate rather than give terms away. The extension was restructured to a starting rate more than double the figure the owner had been prepared to accept, producing close to one and a half million dollars in additional value over the term.
The Lesson
The strongest tenant in the building is not a reason to discount. It is leverage. What was missing here was not information. It was an independent advisor with no incentive to close the deal as it sat.
“I’ve had the opportunity to work with Benoit on a complex lease negotiation, and the impact was significant.
What sets Benoit apart is his ability to identify risks, structural issues, and negotiation leverage that most people simply don’t see. In our case, he uncovered key opportunities and helped drive a materially better outcome than we were initially prepared to accept.
The result was a meaningful increase in value over the term of the deal, well into seven figures, while also protecting against potential downside that could have been costly.
Equally important, Benoit operates with a high level of integrity. He is focused on doing what is right for his client, even when that means challenging assumptions or pushing back on a deal that doesn’t hold up under scrutiny.
If you are entering into any significant transaction and want someone who can both protect your downside and improve your upside, I would strongly recommend working with Benoit.
He’s also a pretty good ice hockey player!”
* Ben Hoch, President, U Brands. Posted publicly on LinkedIn, April 2026.