Intelligent Platforms Embedded Systems, Inc. (GE) made the business decision to move this division out of Albuquerque. With approximately two years remaining on their lease they needed to sub-lease their space of approximately 48,000 square feet located at 7401 Snaproll.
The landlord was not willing to negotiate an early buyout to release GE from their lease obligation or commit to terms that it would negotiate with a tenant for longer than the remaining term on the building. Therefore, due to the short term of the remaining balance of the existing term, economically it was necessary to identify 48,000 user for the space with no or little tenant improvements. An amenity that GE was willing to offer was to leave their existing furniture in the building. Additionally GE desired to provide the space in three phases based upon their move out schedule.
Utilizing our proprietary data base, REA canvassed the market and identified users in need of “plug and play” space and requiring immediate occupancy. At the time the healthcare companies in Albuquerque were in need of space as a result of the Affordable Healthcare Act and four potential users were identified. During this time REA showed the space and provided proposals to not only the major healthcare companies in Albuquerque but to other potential users. A Healthcare Group was in need for space for 200 new employees they needed to be hired to meet the demands on their company. They signed a sublease that corresponded with GE’s phased vacating of the building at the same rental rate and terms of the master lease.