Assignment
Boeing retained the Pacific Real Estate Partners’ Investment Team to develop a marketing strategy and process to sell a 600,000 SF Class A Office campus land site. The land represented one of the area’s largest suburban office campus sites.
Objective
Boeing has three primary objectives:
- Secure a valuation that reflected the probably future appreciation of the site
- Identify a buyer that would likely complete the development in the next 3 years
- Ensure the design is complimentary to Boeing’s 600,000 SF owned campus
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Challenges
The process presented many challenges at the time of marketing: the local leasing market was soft and demand scarce. The site had potential soil and development risk. Boeing had a large, complex and lengthy decision making process but required timely execution of the process.
Results
PREP worked in conjunction with a widely recognized architectural firm to develop missing schematic plans and proformas. A competitive and nationally scoped marketing process yielded strong development intent. After a highly scripted bidding process a well capitalized regional developer was selected and the site closed quickly at a record value.
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