Bradley Company was hired to assume the leasing and management of a 175,000 square foot medical office building. Seventy-five (75%) percent of the leases expired in the same month and the same year.
Medical Office Building
Location
Indianapolis, Indiana
Property
Medical Office Building
Services
Brokerage
SOLUTION
The property management and leasing team worked directly with the real estate division of the hospital to create a plan that addressed the needs of the hospital and the separately owned medical office building. In a 15-month period of time we renewed and or expanded all of the leases while at the same time spreading out the terms of the leases. We also changed all leases from a usable calculation to rentable calculation. This was very time consuming especially as it related to changing the square footage concept.
RESULTS
All leases were renewed and or expanded. The change to the leases, rent structure, and term lengths allowed the owner of the medical office building to market the building for sale. The building was sold to an out-of-state REIT and the seller gained a sizeable profit from the sale.