Agilent Technologies downsized operations in Loveland, CO (200 acre, 950,000 SF technology campus) to one 150,000 SF building. They offered the property as an 800,000 square foot technology campus on 200+- acres, it was on the market for five years, and numerous transactions failed to materialize. Total annual carry for this property was over $2mm.
Create a strategic marketing plan that rebranded and repositioned the property in the market by converting it into a mixed- use, community-based redevelopment site (“RMCTI”).
The new marketing strategy, which was implemented alongside incumbent brokers, resulted in three offers from developers. By design, the most interest ultimately came from the city of Loveland for future economic development purposes.
After learning about the three offers from developers, the City of Loveland decided to control the property and agreed to purchase it in 2011 with no contingencies. After that decision, a potential 7,000 job NASA related technology project was about to locate at the Agilent property, making the site the largest economic development project in the state of Colorado, when they retracted their decision and the City flipped it to a developer. Total cost savings for Agilent from this execution was over $5mm.