1801 Lavaca St

Challenge

• The softening office market and COVID-19 impact increased office vacancies, limiting buyer prospects.
• Rising interest rates and tight lending reduced the buyer pool to mostly cash buyers.
• Dated interior and lack of available capital for improvements further restricted buyer interest.

Strategy

• Determined sale as the best strategy after assessing market conditions and ownership goals.
• Implemented best-in-class marketing with professional renderings and outreach campaigns.
• Initially priced competitively with staged reductions to attract interest.
• Despite a terminated contract due to financing issues, researched alternative solutions and opted for an auction platform, Ten X.
• Conducted direct marketing and sales to increase auction awareness and attracted a competitive pool of bidders.

Results

• Sold at auction for 19.38% above reserve price to an all-cash buyer with no contingencies and a 30-day close.