701 Market Street, Philadelphia, PA

Challenges

• Client preferred to renew its lease for a long term; however, the landlord would offer only a short-term renewal.  
• Client’s “sweet spot” for revenues was in the heart of Center City Philadelphia.  
• Time saved in transporting enforcement officers to and from their areas of responsibility would enable them to write more tickets and increase revenue.  Additional revenue would cover the cost of rent at the new facility.
• Client settled on two potential locations, although the first choice was the clear favorite.  During final lease negotiations, the prospective landlord in the favorite choice announced that it planned to buy the second choice of buildings and put the Client there.  This was unacceptable to the Client. 

Solutions

• Brad learned that a suitable space adjacent to the first choice had just been placed back onto the market.  Lease on that space was signed 27 days after the initial tour.  
• Same financial terms as the lease originally negotiated with the “first choice” landlord.  New space is 33% larger, with rental expense that will be lower in year 25 than in the last year of the original lease.

Client: NFL Films

Bishop’s Gate Corporate Center, Mt. Laurel, NJ

210,000 sq ft studio and office buildings on 26 acres

Challenges:

• Client wanted to expand on-site; however, the project team’s analysis showed that further expansion was not feasible.
• New location could not be far from the current facility to avoid losing highly specialized employees.
• Client’s identity needed to remain confidential to avoid price gouging and employee concerns.
• Tight labor market and PR considerations necessitated using union labor.

Results:

• Brad conducted a 3-county property search with detailed due diligence to determine true status of development approvals, existing infrastructure, and confidential payment obligations.
• Team created a detailed budget and construction schedule to monitor cost & time performance.
• Investigation at chosen site revealed an underground storage tank. Brad negotiated its removal by the seller.
• Brad negotiated an agreement with the park’s developer not to interfere with the process, and with the township to use escrowed funds to improve roads within the park.
• Saved one year in schedule and $900,000 (17.5%) on land purchase price.
• Project team completed facility on time and at budget.

400 Benigno Drive, Bellmawr, NJ

Product: 78,100 sf light manufacturing & distribution sale

Client:  Beyerly Holdings, LLC

Challenges

• Previous broker unsuccessfully marketed building for 15 months
• Low clear height and small truck court limited appeal as a distribution building
• Impending major highway project would limit access to building

Solutions

• Direct mail of over 150 area businesses with phone follow-up
• Broker emails; CoStar listings
• Generated multiple, simultaneous offers; closed 90 days after Brad and marketing partner were hired
• Because no offer reached the seller’s target price, Brad suggested that buyer lease building for a period before completing the purchase.  Purchase price plus rent income equaled seller’s target

2294 Molly Pitcher Highway, Chambersburg, PA

Product: 477,000 sf distribution sublease in 621,000 sf building; 29’-33’ clear height

Client:  Bowman Distribution

Challenges

• Less than 2 years remaining on sublease
• No activity in prior 3 years
• Dated exterior aesthetics

Solutions

• In-person canvassing of over 100 area businesses with phone & email follow-up
• Broker emails; CoStar, LoopNet, & Crexi listings
• Subleased 192,000 sf in month 5 of the listing as part of longer direct deal with landlord; Bowman took remainder of space for its 3PL operations

Laurel Corporate Center: 2000, 4000, 6000-8000, 9000 Midlantic Drive, Mt. Laurel, NJ

Product: 600,000 sf suburban midrise office in 4 buildings

Employer:  Emmes Realty Services

Challenges

• Portfolio vacancy of 17%, increased further when lease on 45,000 sf building expired
• Negative perception of NYC-based landlord in local market

Solutions

• In-person canvassing and phone calls
• Created council of larger tenants for monthly information and feedback meetings
• Broker tours, lunches, and incentives
• Increased occupancy to 95% at 15-20% above market rates, facilitating sale at 2x acquisition cost 4 years later
• For 45,000 sf building, spearheaded $2 mm renovation; designed and executed 6-phase direct mail campaign to potential full-building users, which included the ultimate tenant.

4401 Fair Lakes Court, Fairfax, VA

Product:  60,000 sf midrise suburban office

Client:  Mohasco Corporation affiliate

Challenges

• Single-occupant building with 20%+ core factor and one elevator
• Submarket vacancy 28%; rapid decline in rents and sale prices (50% of replacement cost)
• Client did not want to alarm employees by advertising a sale; no signs allowed

Solutions

• Persuaded client to lease up most of the building to boost the sale price
• Structured leases with high face rent and initial free rent to boost return to eventual buyer
• Calculated square footage using 15% core factor
• Began sale marketing at 75% occupancy; sold to an occupier at 15% above market price
• Negotiated buyer’s retention of seller’s facility personnel

5,812 Sq. Ft
227 Washington St.
Conshohocken, PA
Client: Arlington Capital Mortgage

Challenges

• No space for expansion in existing building.
• Initial negotiations occurred without representation.
• Need for operational flexibility in light of volatile customer demand. 
• Concern with fairness of transaction terms.
• Landlord resistant to including a tenant representative in negotiations.

Solutions

• Created several economically superior alternatives.
• Secured termination and renewal options to increase flexibility.
• Shifted operating expense risk to Landlord.
• Shifted construction cost risk to Landlord.
• Decreased fixed lease term by 2 years with no increase in cost.
• Saved $2.00/sf/yr on operating expenses, $7.00/sf on construction costs, $46.00/sf on lease term length.  Total savings = $63.00/sf, or $368,000.