Phelan Hallinan & Schmieg
Services Provided:
Tenant Representation, Building Sale, Property Management
Location:
400 Fellowship Road, Mount Laurel, New Jersey
Size:
40,000 square feet
Overview:
Phelan Hallinan & Schmieg, LLP is based in Center City Philadelphia, with offices in Mount Laurel, New Jersey. They were experiencing rapid growth in New Jersey and needed larger office space. Since they had already recently outgrown several offices, the challenge was to find a building that could accommodate their future projected growth without paying rent on the space until they took occupancy. Additionally, PHS has a high ratio of employee per square foot and therefore required more parking than most buildings offered.
Value Added:
Based on the firms partnership structure, projected growth and unique requirements, SSH Real Estate encouraged PHS to consider purchase as well as lease options. After an extensive search, the 400 Fellowship Road building was identified for purchase. We assisted with due diligence, construction estimating, space planning, and provided property management services.
Result:
By identifying and negotiating very favorable sale terms, the partners of the firm were able to benefit from an excellent real estate investment while also benefiting from the tax advantages of the depreciation of real estate.
The 40,000 square foot building had 20,000 square feet available immediately
for PHS occupancy and had two tenants with lease expirations in two to five years which enabled PHS to have the ability to grow into their own building.
Ultimately, PHS ened up expanding into the entire building and SSH Real Estate continues to provide property management services.
|
|
