DynaLIFE is a major Canadian medical laboratory offering a complete range of diagnostic testing services, with its main testing facility located at 102 Street Centre in Edmonton, Alberta. This 24-hour facility provides diagnostic testing services for every doctor, patient and medical practice in Northern Alberta and employs more than 1,000 people. Performing more than 18 million tests per year, the state-of-the-art laboratory is at the forefront of innovation, setting the gold standard for diagnostic testing in North America.
Complex lease negotiations for a highly specialized facilityWhen Alberta Health Services/DynaLIFE required an expansion and a long-term lease extension – within a tight timeline – for its 131,000-square-foot main medical laboratory in Edmonton, it engaged Colliers’ Fahad Shaikh, a known expert in the healthcare sector, to facilitate the dialogue.
Although Alberta Health Services/DynaLIFE was initially at a disadvantage during negotiations, the situation changed as Colliers outlined to the landlord the benefits of facilitating its tenant’s expansion and extension needs, including: a long-term commitment from the tenant and its 1,000 staff, stability in light of political uncertainty brought about by the upcoming election, and mitigation of the potential of having to repurpose a highly specialized and customized medical space should DynaLIFE vacate the premises.
A winning outcome for both partiesColliers was able to negotiate a much more favourable lease structure compared to Alberta Health Services/DynaLIFE’s previous extension, securing stability for the tenant with attractive terms for a 15-year period. With its long-term lease in place, Alberta Health Services/DynaLIFE can now confidently look to the future and focus on running its operations and providing reliable services to the countless physicians and patients who rely on the lab annually.
Alberta Health Services/DynaLIFE is extremely grateful for the outcome Colliers delivered and as a result of this successful negotiation, Colliers is facilitating other transactions across the province for this tenant.