Challenge

2400 Wellesley is a 52,000 square foot three (3) story office building that was occupied by a single tenant. Although the building owner desired to sell the building, they wanted to maximize the sales price.

Solutions

Our team consulted with the Ownership and determined that the first step in achieving the greatest sales price would be to restructure the existing lease that was to expire in just over two (2) years. Through a negotiation process we determined that the existing tenant was willing to extend the term of the lease in exchange for improvements and upgrades to the building. We conducted an analysis and determined that the increase in the achievable sales price with a longer term lease in place substantially exceeded the cost of the requested improvements and upgrades.

The property was marketed for sale utilizing a platform that emphasized our national investor database and our professional affiliations with CCIM and SIOR. Through this process we received multiple offers from local, regional and national buyers.

Results

After working through the list of potential buyers, the seller entered into a purchase agreement with a national investor. Our team worked meticulously during the “due diligence” period to help the new buyer in the market understand the dynamics of the Albuquerque Office Market. A successful closing was completed.