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Case Study

Masthead Center sale and leasing: A strong internal partnership in action

4400 masthead

​JLL's Government Investor Services (GIS) team was engaged by CBRE Global Investors to manage the leasing efforts at Masthead Center in Albuquerque, NM.  After completing the lease, JLL's Capital Markets Government Solutions (CMGS) team was then awarded the sale assignment.

GIS was successful in retaining the full building tenant, The Department of the Interior, with a scheduled 50-percent space reduction in a highly competitive open procurement at Masthead Center. The result was a lucrative 10-year lease renewal of 80,000 rentable square feet with minimal tenant disruption and complication. With the help of GIS as well as local counterparts, the client leased the majority of the remaining space to Gap Inc. under a new 10-year lease to serve as a relocation of their global accounting group.

Working with GIS, JLL's CMGS team was then awarded the sale assignment upon GSA's completion of the reconfiguration, yet still during the construction of Gap's space. The combination of a tertiary market location and a property in transition made for a challenging sales assignment. By utilizing our significant property and market knowledge, we were able to present the opportunity as a highly attractive investment with imbedded upside as a viable alternative for value-add investments in major US markets. The team additionally leveraged our collective relationships to ensure maximum asset exposure, buyer participation and consideration.

The result was a sale process that reached government, institutional, regional and local buyers with active and intense participation. The participating investors produced multiple offers and consideration for the value of the small amount of vacant space at highly competitive pricing. The ultimate buyer was a group that specializes in fully-leased government assets but appreciated the profile of the opportunity enough to alter their investment criteria for this specific asset.

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