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Triple Net Office Building
Triple Net Office Building, Suburban Campus
Opportunity
A review of the corporate portfolio for a Fortune 100 Company under Property Tax Advisory Services lead to the identification of potential cost savings in former, now vacant, Regional Headquarters.
Strategy
Regional Headquarters building was identified as a potential candidate for tax appeal. Built in 1986, there are two buildings totaling 710,000 SF with limited sublease opportunities due to the market and several quantified forms of obsolescence. The appeal strategy was highest and best use analysis, loss in value due to functional and economic obsolescence, income capitalization and equalization.
Results
$13M Value Reduction / $181,700 Tax Savings
$0.26/SF Reduction in Operating Expenses