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  • Writer's pictureFoster Murphy

The Exchange @Jefferson: The Office Park that Stuck It to the Pandemic and Came Out on Top

Well, well, well, ladies and gentlemen, it seems like a lot can happen in one year, four months, and twenty-seven days. I mean, who would have thought that in that amount of time, we could see the birth of a fully leased and sold office park in Baton Rouge, Louisiana? Exchange @Jefferson, developed by the one and only Nick Fakouri of Tower Capital Corporation, is a garden-style office park that boasts modern architectural design by Ritter Maher Architects. The Park has 5 pad sites ranging from 3,185 SF to 5,070 SF, and let me tell you, it's a real estate marvel!

But let's not forget the hard work put in by Steve Legendre, CCIM - CRE Industrial Specialist and our protagonist here, who were tasked with marketing the pad sites for sale or build-to-suit. And boy, did they deliver! Four pads sold, four leases executed, and an office park that will now be teeming with medical and professional businesses. Tower Capital Corporation even moved its headquarters to Building 5! That's how confident they are in their creation.

Sequitur Consulting leased the remaining 1,590 SF in Building 5, while Alexander Sides Attorney at Law purchased pads 3 and 4 and will be combining them to build a much-needed 10,000 SF office. Justin Langlois, CCIM ★ CRE Investment Specialist and our blogger brought investors to take down Pads 1 and 2. And wait for it, Ghere Plastic Surgery & Reconstruction leased all of building 2 and opened in the middle of 2022.

But that's not all! An IT support company and Medical Spa will fill up Building 1 once it's complete in Q3 of 2023. Talk about an impressive list of businesses, am I right?

Now, you might be wondering, "how did they do it?". It wasn't all sunshine and rainbows, folks. Coming out of a pandemic slumber in 2020, construction costs were creeping up, higher interest rates were on the horizon, and lastly, the talk of the office market hitting a downturn due to the work-from-home trend. But hey, as our blogger here likes to say, it's not work from home, it's "work for half". And let's be real, who doesn't love a good Zoom call with barking dogs, screaming children, and unkempt looks? In my humble opinion, that's a trend that'll fizzle out soon enough.

Anyway, despite the challenges, we were able to bring prospects to the table through our hard work and dedication. With assistance from the Haddad Construction team, we successfully achieved our goal at Exchange @Jefferson. For those in search of a new construction office, committing early on is key to maximizing cost savings, people! By avoiding change orders and designing the most efficient and cost-friendly floor plan, it's a no-brainer, really!

In the end, we averaged $90.00 PSF on pad site sales, with lease terms and rates averaging 6.25 years and $24.55 PSF on base rent, plus an additional $1.00 PSF condo fee. Not too shabby, eh?

Now, The Exchange @Jefferson isn't just a one-off project for Stirling. Oh no, they've leased up and sold four new #office parks within a 1-mile radius in the last few years, with several others in the Baton Rouge Metropolitan area. They're like the kings of the office park world, advising clients and developers on park design, building layouts, #leasing, and #sales. Impressive, right?

And with that, we bid adieu to this tale of real estate conquest. Until we meet again, keep your eyes peeled for the next big thing!

Yours in commercial absurdity,

W. Foster Murphy

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