Seller Saves Over $1 Million Dollars Following Casey's Guidance
  • Location: Alpharetta, GA 30022
  • Size: 130,378
  • Type of Project: Investment Sale
  • Service Type: Capital Markets

CHALLENGES

  • Low differentiation among office buildings in North Fulton – most product was built as ‘value alternative’ to CBD submarkets during economic boom surrounding 1996 Olympics
  • Nearby competing project – Two Point Royal, a similarly sized and leased building was marketed at the same time
  • Anchor Tenant TSYS had expressed interest in leasing adjacent 12k SF space at a cost of $1m – many buyers wanted Seller to pay leasing costs out of pocket

 

ACTION

Casey was able to source a buyer who had started a fund in January of 2018 and had not placed any of their capital as of September. This buyer’s price was not contingent on Seller paying for the TSYS expansion lease.

 

RESULT

Casey was able to identify buyer’s pressure points to drive pricing past then-market levels and save the buyer $1m in out-of-pocket costs on the Tsys expansion. 4501 North Point closed for $149 / SF and adjacent project Two Point Royal sold for $133 / SF two months later.