COMMERCIAL REAL ESTATE
Office Landlord Representation
Services Provided
Landlord Representation
Statistics
± 4,290 SF
Client
Private Commercial Real Estate Property Owners
Client
Case Study
235 South Meridian Street
Indianapolis, IN 46225
Background
Mitch was engaged to procure a Tenant for a downtown office building that had its third floor space recently rehabilitated. The Client was occupying the space for their business operations, but only needed half of the allotted space. They determined that it was in their best interest to find alternative space that was more efficient for their use so that a third-party Tenant may occupy the entirety of the third floor space. They required the services of a Broker to advertise and market the space to the community in order to enact their plan.
Strategy
The property owner wanted to market the space for lease immediately, even with the continued effects of the COVID-19 pandemic on the downtown Indianapolis market. The downtown market featured more offerings of office space than the prior eight to ten years, due to many organizations vacating space or ‘right-sizing’ existing space, then marketing unused space for sublease. The latter was the majority of the competition in the downtown market for spaces smaller than 10,000 square feet. The task at hand was to divert the existing attention on the many downtown space availabilities and showcase the subject space as newly built-out, flexible, and ready for occupancy without it becoming subsumed into the pool of current options.
Results
After evaluating many prospects that had expressed interest, Mitch was able to find a prospective Tenant in the ever-improving logistics technology industry. The prospective Tenant had a strong desire to remain in the downtown Indianapolis area and felt that with the way the subject space was already situated, the space conversion headaches would be at a minimum, which was a pleasant surprise. Mitch assisted the property owner with negotiating through a long-term lease Proposal with extremely minimal tenant improvements needed, which would provide the Client with the property stability that they desired. After the space was pended under a Letter of Intent, Mitch assisted the property owner and their Attorney with reviewing the proposed Tenant’s financial reports to confirm their creditworthiness, negotiating through the proposed Lease Agreement, then executing the transfer of possession of the premises to the third-party Tenant.
Member, RAS Realty, LLC.
“[Mitch] listed my office space for lease, and he did it at quite possibly the worst time for the office lease market. COVID-19 lockdowns were in full swing and there was a flood of office space on the market. This did not deter him, but rather, it made him work even harder to get us showings, feedback, and offers. He made the office leasing process easy and smooth. He was courteous, professional, knowledgeable, responsive, proactive, preemptive, and the list goes on and on. His knowledgeable guidance and help was very much appreciated. I will definitely refer other possible leasing prospects to Mitch in the future, and I would not hesitate to use him again.”– Ryan S.
Member, RAS Realty, LLC.
STRATEGY
RESULTS
After evaluating many prospects that had expressed interest, Mitch was able to find a prospective Tenant in the ever-improving logistics technology industry. The prospective Tenant had a strong desire to remain in the downtown Indianapolis area and felt that with the way the subject space was already situated, the space conversion headaches would be at a minimum, which was a pleasant surprise. Mitch assisted the property owner with negotiating through a long-term lease Proposal with extremely minimal tenant improvements needed, which would provide the Client with the property stability that they desired. After the space was pended under a Letter of Intent, Mitch assisted the property owner and their Attorney with reviewing the proposed Tenant’s financial reports to confirm their creditworthiness, negotiating through the proposed Lease Agreement, then executing the transfer of possession of the premises to the third-party Tenant.
"[Mitch] listed my office space for lease, and he did it at quite possibly the worst time for the office lease market. COVID-19 lockdowns were in full swing and there was a flood of office space on the market. This did not deter him, but rather, it made him work even harder to get us showings, feedback, and offers. He made the office leasing process easy and smooth. He was courteous, professional, knowledgeable, responsive, proactive, preemptive, and the list goes on and on. His knowledgeable guidance and help was very much appreciated. I will definitely refer other possible leasing prospects to Mitch in the future, and I would not hesitate to use him again."- Ryan S.
Member, RAS Realty, LLC.
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