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A large property management company, in negotiation to purchase another property management firm’s entire real estate portfolio, needed an independent third party to assess the space information to ensure that they did not overpay for these assets. The information collection, originally estimated to include over 109 million square feet of property, was a challenge due to the geographically dispersed locations of the properties, as well as the fact that the information was not centrally managed or consistently kept up to date. Looking forward, the company’s long term plans were to resell some regional groups of buildings and maintain and manage other regions. Resale of regions was greatly enhanced by the increase in square footage from the recalculated BOMA ’96 standards.
The company turned to SDI – a leading real estate technology firm that understands building infrastructure, how to manage large amounts of data, and has the ability to quickly complete the job under the expedited time frame. At an accelerated schedule, the SDI team evaluated the entire portfolio’s rentable square footage. SDI utilized existing CAD files and construction documents to verify square footages based on the BOMA ’96 standards. After the purchase was complete, the company required physical field verification of the remaining properties, providing leasing reports and existing conditions of the recalculated space.
The company’s newly purchased portfolio grew by 6.8 million rentable square feet for a 6.18% increase in the portfolio’s rentable space. The results that SDI produced not only allowed them to benefit financially at the outset, but continues to produce on going benefits through the continued support from SDI.
They are able to access accurate data on the entire portfolio from one highly secure website. Through SDI’s ProFolio website, registered users are able to query the database for instant information on floor plans, space allocations, locations, lease information, vacancies, and usable and rentable square footages.
