Embassy Tower Property Highlights
NOTES
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Building 60% occupied when Investors Realty took overlisting, with major tenant occupying an additional 20% planning to leave
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High debt level on property
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Non-traditional parking arrangement for building
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Mold discovered on property during due diligence period
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Additional mold discovered one day prior to closing
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Unexpected loss of tenant during financing contingency period brought property under key occupancy ratio required by lender
Property Overview
PROPERTY TYPE: Multi-Tenant, Class A Office Building
LOCATION: Suburban Omaha, Nebraska
YEAR BUILT: 1990
SIZE: 70,000 SF
The End Result
SALE DATE: 2005
PRICE: $8,500,000
PRICE PSF: $121.43
MAJOR POINTS
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Investors Realty’s leasing team brought occupancy level from 60% – 80% and stabilized major tenant
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Found creative solution to lender’s occupancy requirement
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Worked to get Buyer comfortable with scope of mold problem and cost of remediation
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Negotiated cost sharing of remediation with Buyer and Seller
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Achieved sale price approximately $2,000,000 higher than that being offered by local real estate investors
