Creative deal structure allows Atchley & Associates, LLP to temporarily cohabitate with the seller
Facing a significant rent hike, Austin-based accounting firm Atchley & Associates, LLP turned to CBRE to find a new office. W. Gaines Bagby, of CBRE’s Austin office, quickly identified an off-market option that met Atchley’s requirements and structured a sale-leaseback to accommodate incongruent timelines for both parties.
The firm recently closed on a 14,800-square-foot office building acquisition from the Better Business Bureau and moved 48 employees from 6850 Austin Center Boulevard to 1005 La Posada this week.
The sale-leaseback allows Atchley to occupy a portion of the building before its lease expires. The seller retains use of the rest of the building during the finish out of its new space in another building in the area.
“We were very pleased to be able to represent Atchley in quickly selecting the right building and negotiating with the seller and its broker, Nancy Thompson, to accommodate the time and occupancy constraints of both parties,” said Mr. Bagby.
In addition to more space and good parking, one of the building’s highlights is its 6,000-square-foot event area. Atchley will use the event space for its temporary offices through April. After the transition, Atchley will use the space to hold employee trainings and office and client events, as well as offer it to nonprofits for meetings.
“Atchley & Associates is thrilled to be moving into our very own building. It will provide us the opportunity to maintain reasonable cost for our clients and have ample space to continue to provide quality service and growth for our staff. We are excited about the opportunity to be able to provide the event area to our clients and others that may find utility for it,” said Mr. Harold Ingersoll, a partner with the firm.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
