SAMUEL F. SMITH II, CCIM SIOR SLCR MCR.W
Principal & Chairman
Abbott Laboratories, Inc. had purchased a company, EAS in Golden, CO and elected to consolidate their operations into other Abbott locations nationally. As a result Abbott needed to dispose of their very unique two building surplus corporate campus containing 88,000 SF (with two separate owners and two separate leases and expirations), in a relatively soft secondary submarket. Abbott desired to cut its expenses and to recoup as much money as possible as soon as possible.
SERVICES
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.
RESULTS
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.
Note: We have several professionals with substantial client transactional experience prior to joining RESOURCE Commercial, which is included above.
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