We were hired by Lillibridge to assume the leasing and management of this 175,000 square foot medical office building attached to Methodist Hospital. Seventy-five (75%) percent of the leases expired in the same month and the same year.
The Property Management team and leasing team worked directly with the real estate division of the hospital to create a plan that addressed the needs of the hospital and the seperately owned medical office building. In a 15 month period of time we renewed and or expanded all of the leases while at the same time spreading out the terms of the leases. We also changed all leases from a usable calculation to rentable calculation. This was very time consuming especially as it related to changing the square footage concept.
All leases were renewed and or expanded. The change to the leases, rent structure, and term lengths allowed the owner of the medical office building to market the building for sale. The building was sold to an out-of-state REIT and the seller gained a sizeable profit from the sale. The gratitude of the seller to us was a sizable “assistance” check on top of our management and leasing fees.
Note: We have several professionals with substantial client transactional experience prior to joining RESOURCE Commercial, which is included above.