CHALLENGE
GBBN Architects desired to consolidate and expand offices into a building renovated to their specifications. GBBN required future expansion space and wanted to own in order to control its long term occupancy costs. They had two years of remaining lease term at the time of the property acquisition. There were few buildings on the market meeting the client’s requirements.

STRATEGY
Identify buildings both on and not on the market that meet the client’s requirements. Contacted owners about selling buildings not on the market. Expand the search area to include near downtown locations. Obtained a subtenant for GBBN’s remaining lease term.

SERVICES
Colliers identified owners who were under utilizing their buildings and contacted them about their interest in selling. Valuation of these buildings was provided to the client for preparation of an offer to purchase. Buyer representation services were provided for the purchase negotiation and for advising the client on operating expenses and valuation of the renovated new building. Leasing services were provided which resulted in finding a new tenant for GBBN’s former leased space.

RESULTS
This two year project resulted in GBBN turning an under utilized warehouse building into open plan creative space. The project cost came in at budget and resulted in a lower overall occupancy cost. Colliers found a tenant for the fifth floor generating additional income.