State of Texas

Challenge

The State of Texas retained ARVO Realty Advisors to provide tenant representation services in securing lease space for various agencies throughout the state, but was facing budget challenges, various timelines, and sensitivity to the open office concept.

Solution

ARVO Realty Advisors put together a team spanning tenant representation and project management, providing a seamless one-stop service.

Having established the search criteria, ARVO Realty Advisors conducted a full review of the market to identify all potential options. We looked at potential offices and completed subjective analyses to compare how the potential offices measured up to the State’s criteria.

A complete financial analysis, including the impact of build-out and design was conducted, and a short list of properties was selected. The ARVO Realty Advisors team carried out a detailed costing on each of the short-list properties based on the State’s layout, and landlords were invited to provide their ‘best offers.’ Leveraging our knowledge of the market, ARVO Realty Advisors negotiated with the owners and landlords achieving below or at market value, and finishing on time.

Benefit

ARVO Realty Advisors achieved substantial savings for the State of Texas, a rent-free period, and other incentives, while meeting the necessary timeline.