$1,400,000-One of New Orleans' Largest Office Leases of 2024 To Velocity Clinical Research

Date:  2/22/23

Client:  Velocity Clinical Research leased the entire 8,000 SF 6th floor, relocating their business from Metairie in an effort be closer to their client base and also benefit from a more efficient floor plan.

As leasing agents for the building, we had already leased 6 vacant smaller spaces and were reaching out to all medical groups in the area to lease the last remaining space. We had an initial inquiry from Velocity Clinical which provides clinical testing for drugs and medical devices and has over 100 locations worldwide. Their New Orleans location was near East Jefferson Hospital but was an amalgamation of offices resulting in inefficient work flow. We found Velocity better space with central hallways, large reception area, perimeter private offices and exam rooms that would allow them to service more patients and produce higher revenues.

We successfully negotiated lease language which protected the landlord and helped the tenant benefit from over $100,000 in improvements specifically for their practice. We worked with out of state commercial agent Cushman & Wakefield who had a relationship with Velocity’s corporate office but chose not to be involved after the lease was signed. We filled in for Cushman, meeting several times with Velocity’s local and corporate staff and managing all items so they could move in early.

One of the most important ideas we implemented was to convert the illegible handwritten notes on a floor plan created by the tenant into a spreadsheet detailing each tenant improvement which was cross referenced and identified on a jpeg file floor plan. This was included in the lease and became important after the lease was signed when there were additional items Velocity needed which were not included in the lease.

Louisiana Commercial Realty

Commercial Real Estate Experts
Robert Hand, MBA, CCIM, SIOR
Licensed in Louisiana & Mississippi
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