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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.

CHALLENGE

Bayview Center for Mental Health (Bayview) was a not-for-profit organization providing mental health care and social services to indigent and low-income patients throughout Broward and Miami-Dade Counties.  In the summer of 2009, Bayview decided to relocate their corporate headquarters and their medical clinic from one facility in Miami Gardens to two facilities in Fort Lauderdale (office) and North Dade (clinic). Bayview could have no downtime of their clinical facilities during the move, as patients depended on their services.  Bayview hired Michael Feuerman as their exclusive tenant broker to represent them in their search and negotiations.

 

ACTION

Mr. Feuerman had represented Bayview since 2004, and was very familiar with their requirements and operations.  He conducted a thorough review of their then-current configuration, and helped them to determine what functions would be required in the new facilities.  By September 2009, Mr. Feuerman had toured Bayview through multiple options for each requirement, in both counties.  He directed the negotiation process with several building owners until fully acceptable terms were presented for multiple facilities, providing Bayview with several choices.  He ensured that terms were in place so that the clinic would be delivered on time, with no delays. Bayview ultimately chose a 14,000 s.f. office location (5 year lease term) in Downtown Fort Lauderdale, and a 15,530 s.f. clinic location (10 year lease term) in North Miami Beach.  Mr. Feuerman (a licensed but non-practicing attorney) worked closely with Bayview’s attorneys to ensure that the final lease documents reflected all negotiated business terms, and to overcome government and neighborhood concerns over a mental health clinic being established in the North Miami Beach location.

RESULTS

• Assisted the client in finding a clinic location that was accessible to patients, where zoning allowed for mental health treatment, and with certain on-time delivery of the space
• Guided the client in choosing an excellent corporate headquarters location, suitable for meetings with donor organizations and government funding-agencies
• Negotiated rent at under-market and under-budget rates
• Negotiated above-market build-out allowance and free rent
• Negotiated sufficient parking for all employees

TESTIMONIAL

In all transactions, Mr. Feuerman was professional and knowledgeable, providing an optimum level of skill and expertise, working diligently to assure Bayview Center continued operations without interruption of services.  He provided a full range of real estate services, and guidance through all processes and far exceeded our expectations.

Charles B. Huiss, Chief Administrative Officer

 

 

 

 

 

 

Click here for a downloadable pdf copy of this page: Case Study Bayview Center Corporate Office and Clinic M Feuerman