ECR was hired by Johnson, Rial & Parker, P.C. in October 2013 to serve as its commercial real estate brokerage firm to provide marketing and subleasing services.
Johnson, Rial & Parker, P.C. had a unique opportunity to purchase an office condominium in Westlake and planned to move their office headquarters to that location.
With a little over one year remaining on their lease at 811 Barton, Johnson, Rial & Parker, P.C. faced the challenges that accompany a short-term sublease: the probability of another move in less than a year’s time for a subtenant and the costs associated with doing so as well as an upcoming holiday season.
Further, furniture remained for which our client no longer had a need nor wanted to incur the costs to move the furniture.
Strategy
ECR developed a marketing and leasing strategy targeting users with solid credit for the remaining sublease term. The strategy consisted of the following:
Utilized ECR’s in-house marketing resources to create industry-leading marketing materials for the sublease opportunity with an emphasis on the building amenities, sweeping views of downtown Austin, free parking, and its central location.
Created and practiced a professional property tour through the office suite boasting the space’s efficiency, above-standard entry finishes, and flexible layout for several user types.
Strategically executed an internet marketing campaign targeted towards the brokerage community as well as directly to tenant prospects who were seeking a central submarket with below CBD lease rates.
Followed up with all leads and opportunities consistently and effectively.
Our law firm had the opportunity to purchase an office condominium, but we also had a challenge—subleasing the final year of our existing lease. ECR more than met that challenge. They presented a well-conceived strategy, prosecuted that strategy diligently, and communicated often throughout the process. After quickly locating a well-qualified subtenant, ECR handled the negotiations with minimal time input from us. Our firm conducts commercial negotiations for a living, yet ECR impressed us with their negotiation skill. We heartily recommend them.
Hamilton Rial
Managing Principal
Results
Through its strategy and efforts, ECR received immediate interest from prospects and a proposal from a very strong credit subtenant with a quick commencement.
The entire office was subleased in as-is condition, and the furniture was conveyed, further saving our client moving costs.
By creating a thoughtful strategy with Johnson, Rial & Parker, P.C. and through ECR’s hard work and proactive subleasing efforts, ECR assisted Johnson, Rial & Parker, P.C. with a savings of more than $80,000.
