Case Study: Tenant Representation

The Challenge

A large Mississippi Law Firm was awarded a state contract for the implementation of child care services within the State of Mississippi.  Unfortunately, most of the 18 required locations would need to be         selected, negotiated and opened for business within a 10-12 month timeframe.  The law firm immediately contacted and hired Estes Bush Real Estate to start identifying the appropriate markets and selecting locations for the 18 designated office sites in Mississippi.

The Strategy

In the initial meeting between the law firm and Estes Bush Real Estate, it was determined that selecting the largest city within a 3-county region would be ideal for the proposed office location.  After much discussion and research, all eighteen (18) proposed locations were identified and Estes Bush Real Estate was assigned the task of locating available office space within those cities.   The search process began by utilizing Estes Bush Real Estate’s relationships within the real estate industry, memberships in various real estate organizations, and access to national property listing databases. Each proposed city was visited multiple times, researched for office space availability, identified and analyzed by our client’s criteria.  The criteria included the prospected office’s size, rental rate, location, office layout and the cost of retro fitting the space into the firm’s model.   In some smaller cities, creative searching and prospecting had to be used because of lack of available office space within those communities.

The Result

All eighteen (18) office locations were identified within six (6) months of the 10-month time frame.  The law firm’s facility manager worked closely with Estes Bush Real Estate’s leasing representative in submitting letter of       intents (LOIs) and negotiating leases.

• Most of the office locations that have been leased and remodeled were under the firm’s targeted budget.
• Eight (8) new offices were opened for business within four (4) months of the assignment.
• Four (4) offices were leased and under construction within six (6) months of the assignment.
• Six (6) will be finalized within the ten (10) month timeframe.

Great teamwork between Estes Bush Real Estate and the law firm’s facility manager allowed the opportunity to lease approximately 65,000 SF in eighteen (18) separate locations within such a short period of time.