A Collaboration between Kidder Mathews Brokerage & Asset Services — Saving Landlord Client Money and Improving Building Security
Challenge
The Walker | Vix Team faced the challenge of leasing a vacant retail space at 944 Market Street in Mid Market, an area impacted by elevated crime and homelessness. Traditional retail and office tenants were hesitant to lease space due to safety concerns, which led to prolonged vacancy and increased security costs for the landlord.
Solution
Through a collaborative effort between the brokerage team and asset services division, a unique opportunity was identified. The asset services team knew that a reputable security guard company, ABA Protection, planned to vacate a building Kidder Mathews currently manages. The brokerage team saw this as a strategic fit for the vacant retail space.
Collaboration
Working hand in hand, asset services made introductions, while the brokerage team followed up by approaching the security company and presenting a compelling proposal. The proposal highlighted a discounted rent for the security company in exchange for providing security to the building. The security company would also benefit from increased visibility, favorable business terms, and the potential for additional neighborhood customer acquisition.
Results
By leasing to ABA Protection, the landlord saved more than $120,000 in third-party security services. Additionally, the landlord was able to “activate” their retail space and breathe new life into the ground floor of the building. The lease generated rental income and brought a security presence to the building. A visible security company will deter crime and potentially attract other office tenants to the building.
