Tech Center
Landlord Representation Case Study
825 Tech Center Drive, Gahanna, OH 43230
Situation
We were engaged by a local family partnership who had a loan term that was reaching maturity at the same time 100% of the rent roll was turning over.
Challenge
We were immediately able to identify tenants to back-fill two of the three upcoming vacant floors, but the landlord was hesitant to outlay the cash needed to complete the leases given the pending loan maturity, plus there was a tight time window to complete the leases.
Results
Successfully completed goal of leasing three full floors of potential vacancy prior to existing tenant's lease expiration and will be selling the asset at a stabilized CAP rate.
Notable Tenants Signed
Intermedix Corporation
American Electric Power
Solution
We were able to facilitate a release of funds in escrow necessary to complete the first lease by negotiating a below market TI allowance. During the lease negotiations with the second tenant, the family partnership gave the property back to the lender via deed in lieu of foreclosure. Once the property became banked owned we successfully signed the second tenant while the bank
simultaneously sold the property at Auction to an out of state investor who retained our services. Within the first 6 months of ownership we negotiated an expansion by the first tenant to absorb the remaining vacancy. We will now be going to market for a stabilized disposition of this asset.