Built to Suit a Tenant’s
Unique Needs
Build to suit projects provide the tenant the opportunity to have a building built around their customized needs and specifications, and provides the landlord the benefit of finding a tenant to occupy the space prior to construction, reducing the risk of vacancy. This is a mutually beneficial arrangement for both parties, and it maximizes the amount of leased space for landlords.
If you’re interested in these types of leases, as either a developer or tenant, Boulos brings a level of experience and attention to detail that’s unmatched in the Maine and New Hampshire markets.
What is Build-to-Suit?
First, we’ll start with a primer on exactly what BTS is and how it works. Build-to-suit is a landlord’s agreement to construct a property to the specifications of the lessee so that the tenant can use that property for their specific business goals.
It also allows the market to decide the best uses for available space, taking much of the risk of building commercial property out of the hands of the landlord. Sometimes it isn’t clear if a business district needs manufacturing space, an office building, a warehouse for shipping and receiving goods, or something more out-of-the-box. If you build-to-suit, though, the lessee determines the type of commercial property to construct in return for a lease long enough to provide the developer a return on their investment, as well as the time and resources needed to construct the building.
For business owners, they can rest assured that the space will be perfect for their needs, and the developer maximizes their total yield while reducing the risk of not securing a tenant once construction is finished.
Case Study
A Build-to-Suit Industrial Lease in Scarborough, Maine
Sometimes a business requires a specialized, highly specific approach, and they need a facility to reflect those needs. If you’re looking for someone to help with build-to-suit leases, the Boulos Company is prepared to help with that, too. We can both cater to the client’s needs and earn our landlords another reputable client.
Boulos brokers Drew Sigfridson and Jonathan Rizzo represented the Downs Innovation District with a build-to-suit lease for Crown Equipment, one of the world’s largest material handling companies.
It represented the pinnacle of a win/win agreement: the new facility is expected to double the company’s existing sales in the region, and the Innovation District adds a new cutting-edge facility and a well-respected community employer to their light-industrial park, adding additional excitement and activity to the greater mixed-use development that is The Downs.
If you’re interested in a build-to-suit agreement, whether as a landlord or potential tenant, we can facilitate it.
Contact Us
The Portland, Maine Office:
One Portland Square
Suite 400
Portland, ME 04101
207-544-4382
properties@boulos.com
The Portsmouth, New Hampshire Office:
14 Manchester Square Suite 235
Portsmouth, NH 03801
(603) 427-1333
properties@boulos.com
