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Question 6 — Background

  1. In what city is this building? — Lawrence, Kansas, west side of town. Here are some pictures.
  2. How many floors? How many tenants could it accommodate? — 2 floors, 16 to 20 tenants.
  3. Is there a parking lot? How big? — Yes, 259 cars.
  4. Are you looking to lease or sell? — Lease.
  5. How much rent are you asking? — $22.50/sf full service (divided over 12 monthly rentals).
  6. How far from transportation? — 45 minutes from Airport, 10 min. from train or bus.
  7. Why did 9/11 affect it? — Most companies stopped expansion.
  8. Is your one tenant still there? What kind of business is it? — Yes, Engineering firm .
  9. Are there many other buildings in the area with vacancies? — 17% vacancy.
  10. What have you done so far to find tenants? — Called on Brokers, Site Selectors, economic developers, companies, web presence, etc...
  11. What is the zoning? — Office.
  12. Do you live in that town yourself? — Yes.
  13. Do you own other buildings? — Yes, they are all retail.
  14. How did you decide to build that one? How did you choose the location? — At the time there seemed to be a need. This is the first building with this large of a floor plate in Lawrence
  15. How do other owners fill that 83% occupancy? How do they cope with vacancies? — It is mostly business that was already in place. The Lawrence market has been stagnant in offices. Right now a lot of people are suffering with the vacancies.
  16. How does your 22.50/sq.ft. compare with other buildings’ fees? — On the high end, but there is not a nicer facility nor one with the technical features.
  17. What kind of offices did you anticipate attracting:   medical, government, non-profit, civic, consulting firms, other? — All of the above.
  18. What are the profitable businesses today? If they are not already in Lawrence, they would have to relocate there for some perceived advantage over being elsewhere. What can you offer? — I will have to think on that one. Kansas University is here and it is known for its drug delivery research for pharmaceuticals. Also it has a very nice IT department along with Aeronautics.
  19. Are you somewhat familiar with Win Wenger’s techniques? Have you tried using any on your problem? — I am a newbie. I am using holosync at the moment.
  20. Do you have an advisor (accountant, consultant, promoter) to work with you on this problem? — No.
  21. What else do you do, as a businessman? — As far as business goes, just Real Estate Development, I am active in a variety of charities and a fraternal organization.     [ Back ]
Greg DeVilbiss

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