Successful Sale-Leaseback Deal Achieved for Medical Office Building Owner
Date Posted: May 10, 2023
The owner of the office building, located at 401 Main Street, Johnson City, NY, faced vacancy and selling challenges due to the current low demand in the office market. They wanted to continue operating in the building, and they were while they were ready to sell, they desired to hold occupancy for a few more years. The solution, it seemed, would be a sale-leaseback transaction, which would allow the owner to sell the property and then lease it back for an extended period of time.
Maureen Dejure Wilson, CCIM, SIOR, and Ethan Cook of Pyramid Brokerage Company – Binghamton strategically marketed the property at 401 Main Street, Johnson City, NY, knowing there was low demand for office space across the region. Some office building owners and landlords were beginning to struggle to keep their properties occupied and generate cash flow. This property was no exception and held a large vacancy for quite some time. “We employed various tactics to locate a specific buyer type and bring together a successful deal for all parties. Constructing a leaseback plan that satisfied lender requirements was one critical factor that sustained the transaction for our client.” Said Ethan Cook, Real Estate Salesperson of Pyramid Brokerage Company – Binghamton.
A sale-leaseback can provide stability in the face of market uncertainty. By locking in a long-term lease with a stable tenant, the buyer can secure a steady income stream for an extended period. This can help mitigate the risks associated with low demand and uncertainty in the office market.
At Pyramid Brokerage Company of Binghamton, we are committed to providing our clients with exceptional service. If a sale-leaseback sounds like the right solution for you, please contact us at 607-754-5990 or Binghamton@pyramidbrokerage.com‹ Back to News