Our company was in the process of finalizing a long-term lease extension with a bank on one of our properties. The deal required us to make a few hundred thousand dollars of tenant improvements to the premises.
During that time, it so happened that the plastic coin jar into which I put my spare change fell on the floor one evening. I picked up the coins and put them into another container. The next day, I took the coins to the coin counting machine at the bank. While there, I ran into the banker with whom I’d been working on the real estate deal. He seemed a bit amused that I was loading the coins into the counting machine. We talked for a few minutes about the real estate deal.
When I returned to the office, I emailed him: “Yes, I now have $290 cash to use for the TIs [tenant improvements]…! I’m checking all my pockets and hope to come up soon with the other $199,710!”
Steven Karbank
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