Office Building Sale, Relocation of Law Firm, Fort Lauderdale, FL

CHALLENGE

Fulmer LeRoy Albee, PLLC, a law firm with three offices in Florida, occupied a portion of a 15,000 s.f. office building in Fort Lauderdale, which was owned by one of the firm’s partners.  They wanted to sell the building and relocate the firm after the sale.  There were very specific parameters that had to be met: the sale price had to meet the goals of the firm partner who owned the building; the eventual purchaser had to be willing to give the law firm at least a 6-month leaseback after sale while they searched for and secured new space; and the relocation space had to fit the firm’s layout, location and budget requirements.

ACTION

The firm retained Michael Feuerman, Esq., CCIM as their exclusive broker for the sale and relocation.  Michael immediately marketed the property for sale to owner-users and investors, and advertised within the brokerage community.  Simultaneously, Michael tracked office space in the firm’s immediate vicinity, keeping a current inventory of available relocation space so the firm could move quickly when the building sold.  Calling on his training as a licensed Florida attorney, Michael worked with the seller’s attorney to negotiate purchase and sale contracts.  Once the property was under contract, Michael guided the owner through the due diligence process, helped the firm negotiate the 6-month leaseback from the purchaser, and worked with all parties to ensure that the sale closed in a timely fashion.  During the due diligence process, Michael helped the firm locate a great office for relocation, and negotiated favorable terms for a new, long term lease.

RESULTS

• Property under contract within 5 months to a cash buyer, closing less than 30 days later
• Six-month post-closing leaseback fully negotiated within one week of contract being signed
• New, relocation space terms fully negotiated less than two weeks from contract being signed, and lease signed within one month of sale (despite Christmas and New Year’s holiday scheduling delays!)
• Relocation space met the firm’s criteria, and more:
  • located 1.5 miles from their prior office
  • rent below budget
  • the new space was already fully furnished and the building had extensive amenities (on-site gym, cafe, security guard)
  • all improvements done by the landlord with additional concessions.

TESTIMONIAL

We have been relying on Michael Feuerman as our commercial real estate broker since 2003. He has provided expert guidance and has gone above and beyond what most brokers would do to solve our real estate issues and exceed our goals for over a decade. His help through this tricky sale/relocation process was invaluable. We highly recommend Michael as a commercial real estate broker to add tremendous value to any firm that occupies office space.

– C. Richard Fulmer, Esq.