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I want to clarify the misconception that our rent drastically increased, causing us to close. I posted this shortly after closing in our thread announcing our closing.
While our total rent due from our had small annual increases that had us just short of $24k/month, the landlord (Rappaport Co.) worked with us from the very beginning while we were unable to pay the full amount. We paid all that we could and they accepted the reduced rent while we continued to grow the business as we could hopefully get to full payments. It was only recently that the circumstances changed and they were unable to continue to accept the reduced rent payments.
We proposed reducing our rent per our lease to get to a number we could both accept and we proposed reducing the size of our space. They did not see these as a way they could proceed so they pursued their right to take the property back.
The fact is we should have never taken 12,000 feet and the landlord likely would not do a deal that size now either. Our issue was the size of our building, not the rental rate per foot in our lease. Our lease rate per foot was a fair market rent!
Business is business and while the difficulty of losing our lease caused some emotional response, I have nothing but positive things to say about Rappaport and their team. We are heartbroken we could not find an agreement that worked for both of us.
I hope we can land on our feet and see everyone again somewhere in the future.