Case Study: Office Space Disposition
1000 Louisiana, Houston, Texas
The Client:
The client specializes in the acquisition, exploration, production and development of crude oil and natural gas, primarily in the Gulf Coast region of the United States.
The Challenge:
The energy downturn of 2014 left the client burdened with excess office space at its headquarters at 1000 Louisiana. The client hired Fritsche Anderson to create and implement a proactive strategy to reduce its real estate expense by disposing of two floors of unused office space.
Services Provided:
- Marketing materials professionally developed in-house
- Proactive marketing campaign aimed at brokers and potential subtenants
- Comprehensive market analysis
- Development of conceptual architectural plans to enhance marketability
- Professional tours of the space with all prospective subtenants
- Weekly reporting to the client of on-going activity and pursuit status
The Result:
The Fritsche Anderson team closed subleases with six different subtenants totaling over 41,000 square feet, resulting in savings in excess of $5.0 million.