1150 Lakeway Drive

Clients Goal

• Clients initially approached ECR to help lease their 12,420 SF office property
• The property was 50% vacant and the client was looking to improve cash flow
• ECR suggested listing and marketing the property for sale to maximize the return on investment

Challenge

• The property is located in a suburban neighborhood which typically is a softer market with a shallow tenant pool
• The building was dated and over 50% vacant
• The second floor consisted of several month-to-month executive suites tenants with handshake agreements
• The property is located in a suburban neighborhood which typically is a softer market  with a more shallow tenant pool
• The seller did not want to install signage as to not alarm tenants
• The seller did not have much information to provide about the building’s performance

Strategy

• ECR priced the property competitively compared to the submarket and building condition
• Created a strategic marketing plan focused on owner-occupants as they would value the property the most and can often pay a premium
• Coached investors/brokers y sharing that we did not have much data on the performance of building

Results

• Received multiple offers from both users and investors and leveraged offers to keep the momentum
• Selected owner occupant buyer that wanted to occupy portion and continue to lease out remaining
• Completed sale and exceeded client expectations by obtaining a sale price close to the asking price with a quick close