Nephrology Associates

Nephrology Associates kicked off the redevelopment of the James A. O'Neill Building in Liverpool, NY, which was originally built as the corporate headquarters for O'Brian & Gere Engineers. The Bell Group represented the tenant in their market search, analysis and negotiations.

Objectives:

• Provide a more efficient work environment by improving workspace, adding additional space and planning for expansion in the future
• Locate the practice in an area that provides the greatest convenience for doctors, staff and most important the patients
• Improve parking situation for patients and staff

Process:

• Reviewed the entire market for lease and purchase opportunities, evaluating several options including: several direct leases, a sub-lease, a lease with an equity position and the purchase and redevelopment of two different office buildings
• Provided a comparative analysis in order to evaluate different financial structures, along with building and location characteristics
• Negotiated a lease with several options for expansion and extension and negotiated buyout dollars for tenant's existing lease
• Negotiated above market tenant improvement allowance working closely with client's architect

Results:

• A centrally located practice, providing easy access to the large patient base and staff
• A long term lease was secured with expansion and extension options allowing tenant to grow in place in the future
• Met current demands by the practice to doubling in size to 15,500 SF of medical space and provided for future growth
• Dramatically improved working conditions and patient flow, by improving layout efficiency

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