“Project BLCC” – Sale of 12-Building Class “A” Office Park for $80 Million
The owner of Project BLCC dominated a suburban submarket with higher than average occupancy (92% versus the market average of 86%) and a roster of highly desirable tenants.
The owner desired to keep his interest in selling highly confidential and instinctively felt that he should not be cornered by “local players” in his submarket. His instinct was to quietly court national investors without drawing attention from his local competitors (who also were interested in his operating data) as well as tenants (especially those tenants considering lease renewal).
Having little interest in pursuing the exclusive listing route, the owner spoke with his private bankers about his desire to sell Project BLCC through discreet channels. The owner’s private bankers introduced him to SRG.
SRG reviewed property data and visited the property. The owner expressed selling price expectations and pertinent terms of sale.
An internal SRG team reviewed the information and immediately identified several capable prospects. SRG confidentially presented the opportunity to four nationally-known parties—two of which tendered offers. SRG actively facilitated direct discussions between the owner and the offering parties.
Ultimately, the owner closed the transaction with a West Coast buyer represented by SRG.
Benefits to the parties included the following:
- The owner was relieved of the needless task of undertaking multiple showings of the property which would have increased the chances of undesired publicity about his intention to sell.
- Unlike widely marketed properties, the buyer did not have to compete against a wide array of other potential purchasers (not all necessarily qualified) to acquire a highly desirable asset.