Challenge

Our team was tasked with leasing up this 95,650 SF office building while simultaneously placing it on the market for sale. 6100 Uptown is a Class A Suburban Office Building located in the Albuquerque, in the Uptown Submarket. Ownership wanted to achieve the highest possible sale price but based on an overall 28% overall vacancy, the desired price was not achievable until the building reached a higher occupancy. At the time the average vacancy for this type of property was 24%.

Solutions

Our team was retained for the assignment due to our knowledge of the asset in that we had placed several of the largest Tenants in the project. Our team was engaged to solidify the rent roll, prepare the property for disposition and take this asset to the market for sale.

Results

The rent roll was repositioned by renewing expiring tenants and aggressively marketing the vacant space for lease. As space was leased, a strong mix of national, regional and local credit Tenants were identified and lease expirations were staggered to avoid a heavy potential roll-over in any future year.

Due to concerns regarding potential reaction of the building being marketed for sale by potential tenants, a decision was made to employ an “off-market” confidential and private marketing sales program. The building was sold during this process after reaching a 93% occupancy rate to a New Mexico based Private REIT within the desired timeframe.