Pandemic Interruption Resulted in Creative Real Estate Solution
Savills managed the real estate strategy for technology startup PartySlate during COVID-19.
Challenge
In early 2020, PartySlate sought to expand its premises at its headquarters in River North due to expedited growth and an anticipated headcount increase. As a startup, the landlord was hesitant to lease its last piece of move-in-ready space to PartySlate as it sought to triple its square footage. Savills prevailed in negotiations to lease the fully furnished space that would allow PartySlate to occupy the additional square footage in May 2020. Shortly after signing the lease, the COVID-19 pandemic began which affected PartySlate’s need for more space.
Outcome
Savills devised a strategy that allowed PartySlate to terminate the new fully executed lease and remain in its existing space without incurring any fees or penalties.
“Lisa Davidson and the Savills team have been an instrumental partner in our real estate planning. Once the pandemic hit, Lisa’s strategic advice and guidance allowed us to terminate the new lease and extend the contract at our existing space. Additionally, her workplace strategy team helped us visualize how each space would serve Partyslate’s needs and quantify the cost to make it happen. You can see how the team cared about our company’s long-term success while navigating the pandemic, even more so than their own personal interest. We couldn’t have done it without them.” - Tali Landau-Ofer, PartySlate VP of Finance and Operations