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QUADRANGLE DEVELOPMENT COMPANY
INDIANAPOLIS, IN
LANDLORD REPRESENTATION
Chicago-based Quadrangle Development Company wanted to establish a presence in Indianapolis. In the first step toward this goal, Summit Realty Group assisted Quadrangle in the acquisition of land in Greenwood, where their client constructed Building One, a 442,000 SF speculative Class A warehouse. Summit was then retained by Quadrangle to market and lease the facility and to also assist with the project’s next phase, a 350,000 SF expansion to the building.
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A P P R O A C H
- Create awareness of the project on a local, regional and national level. Locally, market to existing users of similar modern distribution space; regionally and nationally, tap into the Cushman & Wakefield network.
- Detailed and timely competitive market analysis played a key role in the strategic positioning of the project. Summit provided Quadrangle access to accurate market intelligence on competitive product and prospective users.
- Provide cost analysis on varying lease and divisible scenarios to determine the deepest pool of prospective tenants.
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R E S U L T S
- Summit presented term costs analysis for two viable scenarios: One, a full-building user that would require specific rights on the expansion land contiguous with the existing building; Two, a combination of two tenants that would each take approximately half the existing building.
- Quadrangle used this analysis to determine that two smaller tenants would yield greater returns than a single large tenant. The challenge was to secure both tenants while minimizing the downtime in between the dual negotiations.
- Summit assisted Quadrangle to secure a first tenant to lease approximately 150,000 SF. The team then secured the targeted second tenant to lease an additional 200,000 SF. However, an area of 80,000 SF remained between the two tenants. Quadrangle and Summit negotiated an expansion of the first tenant to lease the remaining space.
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