ECR was hired in 2011 to provide leasing services for 2550 S IH-35, a 16,200 SF office building in South Austin, that was in great need of cosmetic and building system repairs and had been fully vacated by the previous ownership.
The building required significant attention and ECR’s focus was to reposition the building and reintroduce it to the marketplace.
After the property was stabilized and fully leased, the ownership entertained the idea of selling the property but the price needed to result in an acceptable return on their investment.
Strategy
For leasing efforts, ECR developed a marketing and leasing strategy that consisted of the following:
Utilized ECR’s in-house marketing resources to create attractive marketing materials for the building and available spaces.
Updated floor plans and showed several options for divisible spaces.
Strategically executed a direct call, email, and internet marketing campaign targeted toward the brokerage community as well as directly to tenant prospects.
Worked with ownership to create and stage a ready-to-deliver office suite, allowing for immediate move-in.
Regarding the potential sale of the building, ECR proposed the idea of presenting this “off-market” purchase opportunity as an exclusive look at a significant and qualified list of local and out-of-town investors and users within ECR’s network.
Further, ECR developed professional marketing materials and perfected the tour experience to deliver the best presentation possible for the property.
Our initial involvement with ECR was to use them as our leasing broker for a building we had recently acquired. They did an excellent job of marketing our building and getting us 100% leased within a year of when they started, well ahead of our expectations. When it came time to sell our building, we turned to ECR to help us with this endeavor. Again, they did an excellent job of marketing the building to the appropriate prospective buyers. We received a very competitive price and the transaction was done timely and went very smoothly. We will continue to use in the future as the need arises.
Bobby Rios
Results
ECR executed on their leasing plan and the building was fully occupied by early 2012.
Regarding the sale, ECR generated multiple offers on the property from several qualified buyers within weeks of presenting this acquisition opportunity.
ECR maximized the sales price by leveraging interest from several parties and the selected buyer closed within sixty days.
ECR attributes the lease-up and sale of the building to the owner’s responsiveness after all information was presented and the sale resulted in a great return on investment for ECR’s client.
