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PROVIDENCE, RI-As landlords across the US are trying to hang onto tenants, Rhode Island is not ready to be left out of the mix. The owners of 56 Exchange Terr., Marsella Development Corp.–along with Boston-based GVA Thompson Hennessey & Partners and the local MG Commercial–worked an expansion renewal in the capacity-filled property.

CBIZ Tofias and Mayer Hoffman McCann were angling for a renewal and expansion into 15,000 square feet. The issue became a question of where. “CBIZ Tofias and Mayer Hoffman MCCann were interested in expanding at 56 Exchange [Terr.], which was 100% occupied at the time,” explains Ryan Weber, of GVA Thompson Hennessey, in a statement. “With the help of MG Commercial’s local knowledge, we were able to identify an opportunity in the building with another tenant who was interested in vacating early and capitalized on it. It was a win-win for all those involved.”

The five-story building housed three companies and the process became more involved when CBIZ wanted more space. Weber tells GlobeSt.com, that the law firm on the second floor wanted out of its lease, which still had over a year left, so in a separate deal, the landlord worked out an early release from their space. The game of musical chairs continued with the third tenant–Camp Dresser McKey–working out a deal with the landlord to move its fourth floor functions into the vacated law firm space on the second floor to now occupy the second and third floors. This allowed CBIZ to expand from its fifth floor digs into the floor below.

The renewal is until 2016 at an undisclosed price that was referred to by Weber as “current market rates”. Marsella Development Corp. represented itself in the transactions, while GVA Thompson repped CBIZ, with the help of MG Commercial.

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