Office Property Purchase  

Two clients, in two different leases, looking for one building to house both companies.  The building must have a great investment exit strategy, functionality, and separation for each company. 

There were many moving parts for Rudy Project, the Italian based manufacturer of performance sunglasses, and Eflection, a locally based, national provider of commercial and residential real estate modeling and measuring. 

The building:  At the time, a medical clinic occupied and owned the building on the south side of City Park.  The doctor was in the building for decades.

The leases:  Two leases, expiring over two years apart.  Luckily, we represented both of these groups in their original leases and had built in a termination option on the longer of the leases. 

The hurdles:  The new building has residential zoning.  By putting a contingency in the purchase contract that allowed the buyers to walk away if the office variance were not granted, we planned for the unknown.  Also, with two buyers, what is the best financing?  What is the best partnership agreement?  Through the right relationships of the whole team, both companies are enjoying their new digs. 

The exit:  An important ingredient in this transaction was the exit, this building must be in the right area and have the right repositioning to maximize a sell in three to ten years.  With the local Pinnacle project under construction just a few blocks to the west, all local property values have increased substantially, allowing these new owners the right environment to profitably sell or redevelop the property to achieve their goal, in a building that will suit them perfectly until that next project.