PROVEN PERFORMANCE
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Situation
- After experiencing several quarters of unprecedented growth, Smart Start had outgrown its two locations and needed a new, long term, Class A building in an ideal location.
- Needing to find a home with an image fit for the company’s executive team and suitable for several interdependent operations, including a call center expandable to 100 people, Stream went to work.
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Action
- Smart Start first needed guidance on site location, total space requirement, footprint and a plan designed to maximize the efficiency of Smart Start’s operations. Stream began researching and compiling a scatter map of all Smart Start employees.
- The results confirmed the submarkets central to DFW Airport were most ideal for employee retention and morale. Stream’s team facilitated an operational flow chart, space program and design to maximize efficiency throughout Smart Start’s independent business operations and to determine the minimum square footage requirement.
- Stream went to work qualifying Class A, 60,000-70,000 square feet second generation and shell options that could accommodate the very high percentage of office and repair/assembly build-out, with a minimum of 125 parking spaces.
- Though it was clear from the beginning this would be a difficult assignment, Stream surveyed the market and found only two legitimate options; one in shell condition and one a second gen option still occupied. With little competition to be found, Stream engaged other, less desirable but possible, sites to expand the competitive environment and add to Smart Start’s leverage.
Results
- With negotiations nearing completion, Stream’s depth in the marketplace became evident when a company familiar with Stream expressed their plans to prematurely vacate their space due to bankruptcy, in an eight (8) building project that was actively being marketed for sale.
- Prior to the vacancy hitting the market, Stream engaged the Landlord in negotiations for the entire building. As the market landscape continued to change with more competition for space, Stream quickly leveraged the other identified options in the late stages of negotiations.
- The impact of this strategy resulted in Smart Start becoming the tenant of a 64,000 square foot, Class A, standalone building, in a far more desirable location than previously thought possible.
