Can you do a management agreement on a sublease space?
When a tenant reached out to Launch Workplaces about a management agreement, CEO Mike Kriel thought it was a typical conversation. Twenty minutes into the meeting, it clicked that he was talking to the party that rents the space, not the one that owns the building.
They wanted a management agreement on their subleased floor, and it was a very unusual deal structure.
In this episode of Flex in Five, Mike Kriel walks through how the deal came together, what the landlord needed to see before approving it, why the tenant's motivation was completely different from a typical building owner's, and why it worked for everyone involved.
What you'll learn in this episode:
They wanted a management agreement on their subleased floor, and it was a very unusual deal structure.
In this episode of Flex in Five, Mike Kriel walks through how the deal came together, what the landlord needed to see before approving it, why the tenant's motivation was completely different from a typical building owner's, and why it worked for everyone involved.
What you'll learn in this episode:
- How a management agreement on a sublease gets the building owner's approval
- What the landlord asked for that Mike had never been asked before
- Why the tenant wanted rent relief instead of a big return
- Why Mike will take the meeting if a deal like this comes to him, even though he won't chase them
Want to learn more about how management agreements work and what to look for as a building owner?
Download The Commercial Landlord's Guide to Flexible Office Space. It's 50+ pages built for landlords exploring flex:
https://launchworkplaces.com/landlords
You can also connect with Mike on LinkedIn to talk through your specific situation.
Download The Commercial Landlord's Guide to Flexible Office Space. It's 50+ pages built for landlords exploring flex:
https://launchworkplaces.com/landlords
You can also connect with Mike on LinkedIn to talk through your specific situation.
---------------------------------------------------------------------------------------------------------------------------
Connect with Mike
---------------------------------------------------------------------------------------------------------------------------
About Flex in Five with Mike Kriel
How do you make money in the flexible workspace industry? Mike Kriel, CEO of Launch Workplaces, breaks down the opportunities, trends, and strategies that are working right now, in five minutes or less.
Honest and unfiltered, each episode tackles one focused topic, from what's working in coworking to emerging opportunities for commercial landlords, brokers, developers, and operators.
Drawing from real-world experience and conversations across the industry, Mike delivers actionable insights designed to help you grow your piece of the pie in this ever-evolving market.
🔔 Hit subscribe to make sure you don't miss an episode.
Want to learn more about how to add a profitable coworking operation to your building? Download our free eBook: https://launchworkplaces.com/landlords/
Creators and Guests
Host
Mike Kriel
Mike has been in the world of commercial real estate for decades, meaning he’s worked on both sides of the management agreement. After an extensive career with The Brick Companies, Mike was named CEO of Launch Workplaces in 2014. In that role, he set out to build flexible workspaces in Brick-owned properties as an innovative means to solve problems by filling vacant buildings. Mike’s formula proved to be a success. And since then, Launch Workplaces has evolved under his guidance, growing to offer its managed model to commercial property owners across multiple states. Fueled by his love for the commercial real estate world and his passion for building and leading Launch Workplaces, Mike acquired the business from The Brick Companies in 2021. Since 2020, Launch Workplaces has taken over management of and salvaged numerous locations that were set to close and continues to expand with locations in DC, Cleveland, and beyond.