10800 Gibson SE

Challenge

In May of 2020 Raytheon Technologies announced that they were shutting down their operations in the Sandia Science and Technologies Park in SE Albuquerque and 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 in the midst of the COVID-19 Pandemic and office/flex leasing activity in Albuquerque had essentially evaporated.

Solutions

It was essential for Real Estate Advisors to capitalize on our experience, creativity, resources, and tenacity to plan, modify, coordinate, and implement an effective marketing campaign to minimize vacancy downtime, ,minimize lease up cost and negotiate terms that would increase the value of the asset. Our unique Value Enhancement Leasing and Sales Method utilizes our proprietary Data Driven Marketing Platform to proactively target users whose needs are in line with the building’s availability. Benefits to our client of this expanded marketing strategy are to increase achievable rental rates by expanding the number of prospects, lower leasing costs and provide our clients with greater market knowledge from which to make informed decisions.

Results

Utilizing our proprietary data base, REA identified users in need of similar space and requiring immediate occupancy. By implementing our full marketing platform and targeting specific users we were able to create significant interest in the property resulting in dozens of showings over the summer of 2020. Ultimately, in the fall of 2020, leveraged negotiations commenced with four qualified prospects whose needs corresponded with the building offering. The final result was that 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, with minimal improvement cost.

Receiving notification from our national credit tenant that they were closing down operations and vacating the building at the height of the pandemic in the summer of 2020 was unsettling. Real Estate Advisors quickly identified several prospective tenants and created competition for the building. The result was a significant increase in the buildings value (over $10 million) with a 10-year NNN lease with a new tenant at significant increased rental rates without ever having a day of economic vacancy.

I was impressed with the people at Real Estate Advisors, they were very professional and knowledgeable.

Mohammed Mirza, Samir Financial Services