Savills Partnership with IBEW Results in 28% Building Sale Price Increase
The International Brotherhood of Electrical Works (IBEW) decided to sell its existing, aging headquarters at 1125 15th Street and purchase a new building at 900 7th Street. The Union had already received two unsolicited offers to purchase 1125 15th Street but retained Savills to ensure the building achieved full market value.
In order to guarantee the proceeds of the existing headquarters building sale were available for the 900 7th Street purchase, Savills worked on an expedited schedule for marketing the property. Savills used a ‘direct’ sales campaign to target thirty core investors who would be interested in the 38 percent leased building, increasing the efficiency of the entire sales process.
Savills achieved a sales price 28 percent higher than the initial offers received by IBEW, making this the highest price ever paid for a mid-block building of this vintage at the time. The entire sales process took four months, meeting IBEW’s time constraints and allowing for a smooth purchase of 900 7th Street. Savills also advised IBEW on its $115 million purchase at 900 7th Street, including negotiating and implementing the $80 million financing required for the new building.