SUCCESS STORY
American Esoteric Laboratories
Efficient Search Finds the Right Site with More Space, 15% Cost Savings, & No Out-of-Pocket
A tight market and strict requirements did not deter experienced broker Roger Cole in his search to find his client the right site at the right price.
THE
CHALLENGE
Based in Memphis, Tennessee, American Esoteric Laboratories, the largest independent regional clinical laboratory with locations throughout the Mid-South, needed a new site for their office in Little Rock, Arkansas. After 10 years in the same location, changes in HIPAA regulations that imposed new requirements, and the growing need to implement greater workflow efficiencies, AEL had simply outgrown their existing 2,100 square feet of medical office space. The requirements for their new facilities were to be closer to other medical providers such as physicians and hospitals, expand to 3,500 SF with a custom layout designed to maximize efficiency and meet the new HIPAA requirements, and last but not least, avoid out-of-pocket expenses in retrofitting the new site. With laboratory space in short supply, AELengaged Roger Cole to assist them in the site selection process and what they expected to be a challenging search.
THE
ACTION
Understanding AEL’s requirements for the space as well as their desire to avoid out-of-pocket expenses, Roger set out to systematically find the right location. He began his search with a personal visit to AEL’s existing facility to get a firsthand look at the equipment, understand how the team functioned within the space, and speak with them about the desired efficiencies. Armed with a clear idea of their spatial and flow requirements, a conceptual floorplan, and ideal dimensions, Roger conducted a thorough market survey of the targeted area and developed a list of all available space that could offer the required size, needs, and co-tenancies. Finally, the experienced broker fully vetted the potential landlords and developers and eliminated those who would/could not fund all of AEL’s comprehensive buildout needs. The newly narrowed list consisted of just four possible sites. Roger immediately contacted the client and set appointments. AEL, accompanied by Roger, toured all four facilities in less than a day and easily selected the site which met all of their requirements.
THE
RESULT
● The successfully negotiated lease provided AEL an additional 1,000 SF of space over their previous location at an overall occupancy cost savings of 15%
● The lease was negotiated without any out-of-pocket expense for AEL and approved within two weeks
● Roger effectively created a competitive environment amongst the landlords to provide better negotiating opportunities for AEL
● AEL was delighted at the efficient search which saved them time, money, and other resources
WHAT AEL SAYS...
“Roger Cole did exactly what we asked of him. In fact, he under-promised and over-performed. We are excited to be relocated to our new office in Little Rock. Our employees are ecstatic about the new layout. The fact that Roger delivered this space at less cost than our former location is a bonus we had not expected.”
- Nick Grisham, Regional Manager, American Esoteric Laboratories