Abbott hired Space Solution Strategies and RESOURCE Advisor Sam Smith to assist them in disposing of those very unique assets. Space Solution Strategies selected a local Denver firm to assist in developing marketing strategies and in implementing the market plan. The Team (which included Abbott’s Corporate Real Estate Manager, an executive from the business unit and Abbott’s outside counsel), implemented a very aggressive national and local marketing campaign.
Within a few months they identified a buyer for one building (First Industrial) and a subtenant for the other building (charter school) and negotiated simultaneous purchase and sale agreements (and a separate sublease and direct lease for the other building). Abbott Laboratories’ Estimated Cost Savings exceeded $2 million.