This vacant former owner-user building was about to be widely marketed for sale. Through local broker relationships Insight was able to do a direct deal with the seller before the property went to market.
Through proprietary market analysis, Insight was able to determine that vacancy rates for this particular type of asset (single story, 100,000+ SF, high 25’ ceilings) in this particular market was below 3%.
The conventional solution for solving deficient parking count (2.3 : 1,000) was to build a parking structure on-site. Insight’s innovative solution demolished 10,000 SF of building floor area to create additional surface parking and replaced the “lost” SF with useable, creative mezzanine within the 25’ clear height. This plan resulted in a parking count of 3.5:1,000 and simultaneously created funky/cool creative office space with no loss of rentable square feet.
Insight completed in only six months the design, extensive structural engineering, full DDs and CDs, building permit and a fully negotiated GMP construction contract.
Insight engaged during the design process a best in class brokerage team to begin marketing for lease the to-be-renovated building. Exceptional product vision, design, and renderings created a competitive bidding process with multiple potential tenants before the renovation had even begun. Insight leased the building to a Fortune 50 tenant on a long-term NNN basis and sold the leased asset shortly thereafter with a total deal lifespan of 18 months.