4800 T-Rex Ave.
Suite 350, Boca Raton,
- Address: 4800 T-Rex Ave. Suite 350, Boa Raton, FL 33431
- Square Feet: 11,130 SF
- Lease Term:126 months
- Tenants: Gubagoo, Inc
- Type: Technology Company
- General Contractor:
- Master Architect:
Gubagoo is a technology company that focuses interactive chat solutions for the automotive dealership industry.
Gubagoo had a presence in Daytona Beach and a small office in South Florida where the key executive lived. The principals wanted to establish a headquarters in the South Florida market for the executives, company operations, and for the expansion of their sales and support teams.
Options were considered in West Palm Beach and Fort Lauderdale. The Boca Raton Innovation Campus (“BRIC”) was at the top of the list, checking all the key boxes. BRIC is a+/- 2,000,000 sf project in Boca Raton that has the ability and capacity to offer a generator that can power 100% of the space with built-n power redundancies. The project has power coming from two separate power stations. BRIC was once a single tenant project that housed IBM. In addition to power redundancies and generator capacity, the project was accessible to several fiber providers. Onsite amenities included cafes, fitness centers, conferencing facilities, and daycare facilities. The property was directly adjacent to the Trirail station for public transportation.
The rapid growth of the company was a challenge that required creative solutions. Gubagoo did not need 11,000 sf space day one, instead they would need it as they continued their rapid expansion. The shape of the space would make it cost prohibitive to demise space less than 11,000 sf. The creative solution orchestrated required a negotiated rent abatement and “sliding scale” lease structure where the tenant paid rent based on 8,000 sf for the first 12 months, 9,000 sf for months 12-24, and then 11,130 sf starting on the 36th month through the remaining lease term. This gave Gubagoo runway to expand into the space in line with their growth trajectory without having to lease more space than they needed to on day 1. A first right of refusal expansion option on contiguous space was also negotiated to ensure Gubagoo would have the space they need throughout their tenancy at the project.
Establish a headquarters in a building that reflects the innovative culture of the company with a technology forward focus. Amenities for employee retention was very important as well as access to public transportation.. Larger campus style projects were favored as Gubagoo had a tremendous growth rate and needed to ensure their growth could be accommodated based on their to-be selected headquarters building. Equally important was a building’s ability to have redundant systems and not “go down” in the event of an interruption of electric or data services.
Equistone Partners was able to guide Gubagoo to a creative space solution and established a successful headquarters for the company in Boca Raton, FL. The space reflects the innovative culture of the company with amenities that are sure to help retain exceptional talent into the future. The redundancies and backup systems for IT technology, along with power generation services put Gubagoo in a confident position to service its customers for potential “downtime” that would hinder their client’s businesses. Through the creative structured lease that Equistone negotiated, Gubagoo was able to minimize the carry costs associated with its projected growth and at the same time maximize flexibility to expand in the future as needed.