The client's office was in flex space for 10+ years. The facility lacked sufficient parking, restrooms and the building's systems were coming ending their useful life and the client was responsible for all repairs and maintenance because of the lease structure. In addition, the client was over capacity and there was no available adjacent space to expand. The interior space was dated and would require a complete rebuild and the look and feel of the office was not in keeping with the company culture.
Wildmor Advisors worked with the client to determine current and projected employee headcount for this location relative to other regional offices. Then prepared a commute impact study to pinpoint alternative locations which would have the least effect on employee commutes which is critical in a burgeoning city like Nashville. After a sweeping search, Wildmor identified several unique spaces which was narrowed to a shortlist. In order for the client to make a fully informed decision and have an accurate capital requirement estimate, Wildmor's Project Manager evaluated each site with a contractor and provided detailed pricing upfront. The financial models showed that the costs to retrofit the current location including the rent and operating expenses was comparable to the rent obligation at the fully furnished Class A asset in SoBro, one of Nashville's hottest neighborhoods.
In the end, the client upgraded into brand new office space in its own building without significantly increasing its capital and expense liability.
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