Case Studies
One Space, One Mission: Easter Seals UCP North Carolina and Virginia Case Study
The Goal
To help Easter Seals UCP North Carolina and Virginia to locate a new space where previously separate administrative and outreach functions could be consolidated in the same building, but in separate suites.
The Situation
Easter Seals UCP North Carolina and Virginia, based in Raleigh, is a lifelong partner to families managing disabilities and mental health challenges. The nonprofit serves more than 17,000 individuals and their families annually, enhancing the quality of life for individuals and maximizing their potential for engaging in the communities. Easter Seals UCP approached Rich Commercial Realty/KW Commercial with the need to consolidate space between two offices in the Raleigh area. However, the leases expired at different times, complicating the timeline for consolidation. The cost to relocate the offices would need to be a cost factor in the analysis of the transaction.
The Solution
Rich Commercial Realty first developed a market survey of 12 properties that fit the needs of the client and obtained Request for Proposals for the top three properties. By positioning the final properties against one another, Rich Commercial Realty created a competitive atmosphere to secure concessions from the landlord. In order to allow both offices to vacate their current space at the same time to reduce moving costs, Rich Commercial Realty negotiated a hold-over at the same rental rate for the lease that expired first.
The Result
Rich Commercial Realty delivered a 23% savings from first proposal to final lease on Easter Seals UCP’s new space. Additionally, the new lease included significant concessions: free rent, assistance with moving expenses and improvements. The client has all Raleigh-area resources under one roof for streamlined operations.
“Rich Commercial Realty was a tremendous resource for us,” said Connie Cochran, Executive Director of Easter Seals UCP. “We would recommend their services without hesitation.”
Wall Street Journal Commercial Real Estate News
- Less Building Now, Higher Office Rents Later February 6, 2012Office-building construction is in the midst of a severe drought. This means higher rents may be on the horizon in some cities, if history is any guide. […]
- Plots & Ploys: Touchdown Before Kickoff February 2, 2012Regardless of whether the New York Giants or the New England Patriots win Super Bowl XLVI on Sunday, a prohibitive favorite has emerged: Indianapolis-area hotels. […]
- Home Shortage in London to Worsen February 1, 2012London looks likely to experience a drought of new housing over the next few years, as construction of homes amid fears of renewed recession and a dearth of mortgage finance, a report from property consultant suggests. […]
- Two Office REITs Post Higher Earnings February 1, 2012Boston Properties Inc. and SL Green Realty Corp. reported stronger-than-expected quarterly earnings, a sign that the nation's largest office landlords have been able to boost revenue despite tepid job growth. […]
- Goldman to Fight Over Hancock February 1, 2012A Goldman Sachs Group Inc. real-estate fund that has walked away from a number of struggling investments is taking a different approach with a Chicago skyscraper, deciding to fight its creditors rather than surrender ownership of the building. […]
- Blackstone Spies Retail Recovery February 1, 2012Blackstone Group's $11 billion bet on retail property is showing signs of paying off. […]
- Cost of Trade Center Tower Rises January 30, 2012The price tag for One World Trade Center, the signature skyscraper under construction at Ground Zero in New York, has risen to more than $3.8 billion, making it by far the world's most expensive new office tower. […]
- Developer Makes a Fresh Start January 25, 2012The family behind Opus, once one of the largest private developers in the country, is making a comeback after settling battles with creditors and former employees. […]
- Lehman to Block Zell's Archstone Deal January 23, 2012The estate of Lehman Brothers Holdings Inc. is planning this week to use $1.33 billion in cash to buy a 26.5% stake in apartment giant Archstone. […]
- Lehman's Estate Gets Montana Resort January 23, 2012The estate of Lehman Brothers Holdings Inc. is now the owner of a Montana ski and golf resort, after assuming control of the assets of Moonlight Basin Ranch LP. […]