Case Study

Industry: General Office

Region: Eastern United States

Assignment:

• Identify an existing Class-A office building with high exposure and easy access to major transportation arteries, located within a predetermined market area, to serve as the offices for a regional subsidiary of an international supplier of consumer goods.
• Site must be chosen and contract negotiated within 72 hours of accepting the assignment. Client must be able to occupy space within 14 days of signed contract.

Approach:

• Organize conference call with all involved parties, including both the regional management team (who would be physically occupying the building) and representatives from the parent company (who would need to give final approval) to gain essential information such as the client's corporate real estate guidelines and security parameters, the ideal size and layout of the new space, parking needs and more.
• Tap into SRC's global network of real estate partners and consult with an experienced local broker familiar with the market in question. Within 8 hours, receive list of available facilities meeting the client's specifications.
• Narrow list to 4 best options to explore in person with the client. Tour all 4 facilities with the regional office managers and our local contact. Select site and obtain approval from parent company.
• Create customized letter of intent and negotiate with the landlord to arrange a lease that would allow the client to occupy the space within 14 days, while the necessary improvements to the space are still being made.
• Prepare final contracts in cooperation with client's attorney.

Outcome:

Despite the incredibly tight deadline, SRC successfully met the client's goal of identifying a site that was agreeable to both the parent company and subsidiary within a 72-hour period. To prevent the client from having to sign a long-term agreement under pressure due to the time crunch, SRC negotiated a temporary occupancy agreement so that the client could move in while negotiations continued. The client now has an established office in this market that serves the needs of its customers and employees.