Objective: To locate and acquire new corporate headquarters in a space constricted market.
Process: Formulate a two year strategic plan that called for a lease extension with an early out, without penalty if a HQ building was purchased. A property-by-property search included build-to-suit and existing buildings in the target area, most of which were not on the market.
Solution: After a twelve month search, the out-of-town owners of a fully leased (but unoccupied) building were approached. We negotiated a lease "buy out" of one half of the building occupied by the existing publicly traded tenant, where the institutional owner received a premium. The tenant received an immediate positive balance sheet adjustment. Our client was able to acquire a highly desirable building at a great price, with a credit tenant helping pay the debt service in a market that did not appear to have any space available. We achieved our client's objective by creating positive outcomes for all parties concerned.