ECR assisted a long-time client of the firm to acquire a development site located in Central Austin at 4009 Marathon for a new spec office building. The development consisted of a 3-story, 26,391 SF new construction office building. Due to constraints for the lot size, the parking ratio was 1.9 per 1,000 SF.
ECR developed a marketing and leasing strategy targeted toward full floor users as the ownership’s goal was to have three single floor users. The strategy consisted of the following:
- Utilized ECR’s in-house marketing team to create a property brand and supporting custom marketing materials.
- Hosted private broker marketing coffees/lunches.
- Submitted marketing materials and products to users in the direct areas.
- Strategically executed a direct call, email, and internet marketing campaign targeted towards the brokerage community as well as directly to tenant prospects.
- Provided construction progress marketing updates to the market.
While under construction and months prior to delivery, ECR sourced three different tenants for the property. Two of the groups were interested in the entire building and one group was interested in two floors. The ownership was concerned about having one tenant lease the entire building and to have all of the building expire at once. ECR leveraged the groups against each other to finalize a lease in short-order with a public company to lease all 3 floors with staggered lease terms to mitigate risk at rates over 20% higher than the original expectation when starting to market the building.