In 2014, 5301 Patrick Henry Drive was a vacant former medical research facility owned by Abbott Laboratories. Through local broker relationships we learned the property was about to be publicly listed for sale. Through these relationships we were able to acquire the site directly from Abbott Labs before the property went to market.

The 7-acre site was ideally located for future development. And although the overall market vacancy was in the double digits, we recognized that single story 100,000+ square feet R&D buildings averaged only 3% vacancy in the submarket. The combination of low vacancy rates and the potential for significant future development allowed us to close on the property unentitled and vacant because the downside risk was significantly mitigated.

The most significant constraint for the property was a deficient parking count of only 2.3 per 1,000 SF. The renovated design solved the parking count by demolishing a portion of the building to allow for additional parking while simultaneously adding in a mezzanine office level in those portions of the building with 25-foot ceiling heights. The design therefore achieved 3+ stalls per 1,000 SF without losing any rentable square footage.

Within only 6 months of acquisition, we had completed the design, extensive structural engineering, full CDs, building permit and a fully negotiated GMP allowing us to begin initial demolition. Throughout the design process we had engaged a best-in-class leasing team to begin marketing the to-be-renovated building. Shortly thereafter we leased the asset to a Fortune 50 tech company on a long term NNN basis and then sold the asset after an 18-month total deal lifespan.