GSA Social Security Administration Office
The
Opportunity
In 2017 Savoy learned that the GSA was looking for a space with specific parameters. After analyzing the opportunity, Savoy made the decision to pivot their initial plan for one of their properties to fit the needs of GSA building requirements. Savoy researched the type of building and geographical area that would best fit the needs of GSA, how to meet the needs of this governmental organization, the right partners to make the deal happen and the best deal structure to maximize both the profitability and long-term value of the partnership. All of these steps were critical to achieve the goal of being a partner in bringing the Social Security Administration office to a St. Louis neighborhood.
Our
Approach
It was clear that NorthPoint Development was the perfect partner for this type of deal due to its size, reputation, and experience in working with organizations like GSA as the #1 industrial developer in the country. After that partnership was secured, the next step was to acquire the ideal property to increase the value of the project and to make the necessary building improvements to meet the needs of GSA. Next, Savoy sat down with NorthPoint Development and GSA to flesh out a lease agreement that included all of the rules and regulations required.
The
Results
The deal closed in 2019, and in 2020, at the height of the pandemic when so many tenants were struggling to make rent, GSA started making their payments. Savoy knew that these payments were dependable since governmental organizations were one of the few tenants that were steady during the pandemic. In three years the property has increased in value by 4x with an annualized return over the past three years of 150% IRR.
As part of the deal and their ongoing commitment to building stronger communities, Savoy was able to gift two acres of land to the city of Florissant. We value the strong, strategic relationship we built with the city through this project.
When we needed a new headquarters and warehouse, the team at Savoy leveraged their business, real estate and government contacts along with their knowledge and expertise to negotiate a deal on the right property.
They expertly navigated complex legal arrangements and secured the needed municipal clearances to make the deal happen.
Their efficiency and effectiveness helped us maintain our strong business, care for our team and deliver for our customers during a challenging and critical time.
