CHALLENGE

In May of 2020 Raytheon Technologies announced they were shutting down operations in the Sandia Science and Technologies Park in SE Albuquerque. The building’s owner was informed that Raytheon would be vacating their 72,000+ square foot facility at 10800 Gibson SE at the end of the year. At the time of the announcement, the country was grappling with the COVID‐19 Pandemic and office/flex leasing activity in Albuquerque had essentially evaporated.

ACTION

It was essential to implement an effective marketing campaign to minimize vacancy downtime and lease up cost and locate a new tenant on terms that would increase the value of the asset. Utilizing our proprietary data base, REA created significant interest by targeting users needing similar space and requiring immediate occupancy.

RESULTS

• Over a dozen showings in the first 30 days.
• Within 60 days of the property coming to market, negotiations commenced with four qualified prospects whose needs corresponded with the building offering.
• Within 90 days a tenant was selected by the owner for a 10‐year lease.
• The new Tenant took occupancy the day after Raytheon vacated the premises, at a rental rate greater than Raytheon was paying, and with minimal improvement cost to the owner.