Challenge: First American had outgrown the building they owned and occupied in downtown Bend, OR. They needed to sell their building and find a new, larger facility to lease.
Result: We worked with the client to specify geographically where the new facility should be located to best serve their customers, identified all suitable existing buildings and development sites in that area and determined if the owners of these prospective sites would be capable of meeting the client’s needs. We worked with their regional and local managers to determine how much space they needed to meet their current and future space needs and the class of space that would best represent their organization. A Request for Proposal specifying the type and amount of space that was needed and when it should be available was prepared and presented to the owners of each of the existing buildings or prospective sites that had passed the initial screening. An objective and subjective analysis of each of the proposals received and the financial ramifications of each including Effective Rent per Usable Square Foot and the Net Present Value to the client using their cost of funds was performed to understand both the physical and financial aspects of each option. Once a build-to-suit facility was chosen, we negotiated the lease with the developer and monitored the construction process on the client’s behalf up to and through occupancy. During this process we were successful in selling their former facility thus meeting all the objectives of the assignment.