National Non-Profit HQ Office
Property Address
West Midtown
Service
Strategic Advisory, Transaction Management, Project Management
Client
National Non-Profit
Transaction Size
90,000 SF
Transaction Completion Date
Q2 2016
Project Lead By
James Pitts
Situation
The client owned a 90,000 sf building in Midtown Atlanta that was underutilized and used inefficiently.
Actions
Over a two (2) year period:
Created a project team of real estate advisors, project manager, architects and collaborated with internal finance, human resources, and IT stakeholders
Confirmed office utilization through a space study, demographic and commuting data for personnel relative to desired work locations
Drove consensus on strategic drivers and working assumptions relative to forward business strategy, business and headcount growth, workplace standards and design, financial criteria and metrics to establish decision guidelines for location and investment,
Finalized operational and financial criteria to establish location preferences in Midtown Atlanta including stay/go analysis
Developed comprehensive financial models reflecting agreed occupancy strategies, capital, and other costs as applicable, including sensitivity analyses
Established sale and leasing strategies
Worked with architect, project manager, and GC to value engineer buildout
Presented HQ occupancy analysis and strategy to client’s board and gained unanimous support.
Results
Reduced occupancy footprint by 30%, sold building to a strategic buyer for 40% above market pricing, saved client 10% in occupancy costs over an owned building with no debt, plus saved $450K in construction costs without sacrificing quality or aesthetics. Client reported that collaboration, engagement, and productivity all increased in the new space.
