Quick Office/Medical Sublease

Marcus Lipsey  /   October 5, 2023

Quick Office/Medical Sublease

A national medical office user occupied a single tenant 10,500sf facility. During the COVID-19 pandemic, their business shifted a remote deliver model. Nick, our founder, proactively reached out to the executive team. Because they were out of state, the executive was unaware of the nuanced demand for quality sublease space in their specific submarket of Houston’s office space market. After a series of virtual meetings and video conferences, they engaged Rifle for a short term assignment to quickly find a suitable subtenant for the facility.

The listing went live and immediately had the attention of the market. After a number of weeks with multiple tours per week, a prospective subtenant was identified.

Rifle obtained all of the necessary underwriting material to confirm the entity and financial information for the subtenant. We then summarized this information along with the market data so the executive team would be well prepared to present the deal their board of directors for quick approval. Once approved, Rifle cleared the deal through the Prime Landlord and the transaction closed without issue.

Objective Outcomes

  • Client disposed of a long-term lease on a single-tenant facility
  • Client obtained an above market recovery rate in the midst of a global pandemic
  • Client realized approximately $1,000,000 in positive cashflow
  • Transaction completed 100% remotely – without any leadership team traveling into market

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Meet The Broker

Nick is the managing partner of Rifle CRE, bringing a wealth of experience and expertise to the commercial real estate…

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