5300 Homestead Rd. NE
Albuquerque, NM 87110
Office Lease

RECENT CLIENT SUCCESS

CREATING OPPORTUNITY FROM VACANCY

CHALLENGE

5300 Homestead NE is a 62,000 sf three story office building that had been renovated as a Contact Center. The building was occupied by a national managed care company who had 18 months left on their lease when the decision was made to move to a remote work environment.

ACTION

It was essential to implement an effective marketing campaign to minimize vacancy downtime and leasing costs 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 occupancy prior to the expiration of the existing tenant’s lease so that there was not a disruption of the income stream.

RESULTS

  • Within 120 days of listing the property for lease, a 10-year lease was secured with a government tenant.
  • The new tenant was able to use the existing improvements and furniture with minimal modifications.
  • An early termination fee was negotiated which covered 100% of the cost of the needed improvements and
    modifications for the new tenant.
TESTIMONIAL

"When I informed Real Estate Advisors (REA) that our tenant was vacating the building and would not be exercising their renewal right on a lease scheduled to expire in 18 months, REA saw this as a positive opportunity to secure a longer-term lease which would increase the value of the asset. REA quickly identified several prospective tenants nd created competition for the building. Their market knowledge and relationships resulted in a new 10-year lease with a government tenant that was able to utilize the existing improvements, furniture, and fixtures with minimal out of pocket cost. They were able to further negotiate an early lease termination fee which covered the cost of the improvements."
---Mohammed Mirza, Samir Financial Services