Tag Archives: tenants

Dream Team of Local Community Leaders Help Tenants Acquire Their Deteriorating Building From Absentee Owners

The story of the 665 LLC building and how it became owned and operated by the doctors and practitioners who worked within its walls is one of perseverance, frustration and teamwork. And a lot of “wrestling.”

Monterey, CA, December 31, 2018 — The story of the 665 LLC building and how it became owned and operated by the doctors and practitioners who worked within its walls is one of perseverance, frustration and teamwork. And a lot of “wrestling.”

“We started a wrestling match. We had to wrestle with them. And kick and scratch and fight,” says Dr. David Morwood, one of the tenants, and now one of the owner-occupants of 665 Munras Ave., about the epic battle with a Florida-based equity fund that owned the building.

The story goes back at least a decade, maybe more. The property, owned by Paul Verga at the time, had been a car dealership, bank and, currently, a suite of medical offices, including Morwood’s, a plastic surgeon. Morwood, in fact, at 13 years, was the longest-running tenant in the building, which houses medical offices, including a surgery center, allergist, radiology suites, hearing aid center, among others.

But since Verga’s death in 2002 and the 2008 real estate crash, when the building went into foreclosure and eventually ended up in the hands of the Florida equity fund, the building had fallen into serious disrepair. Morwood’s office experienced leaks and a partially collapsed ceiling. His entreaties to the absentee landlords went unheeded.

“I was sick of the out-of-state landlords ignoring us, so the only solution was to get ownership from the equity fund,” says Morwood. “We had to figure out how to get control of this amazing building and not allow this gem to be tarnished.”

Unfortunately, the building wasn’t on the market and the owners didn’t want to sell. So Morwood had to come up with a strategy to gain ownership. And since he wasn’t an expert in real estate, he consulted several friends and acquaintances who were. Folks like former City Councilman and developer Carl Outzen, renowned property owner Mike Marotta, commercial real estate professionals John Mahoney and Patrick Stafford, attorneys Andy Swartz and Mark Myers, bankers Clay Larson and Steve Keller. Morwood recalled it takes a team to win the Super Bowl.

With this Dream Team of experts and community leaders, Morwood set out to form a coalition of other tenants, business leaders, bankers and local businesses in the neighborhood to join in the effort. He called his long-term associate Dr. David Awerbuck, ENT surgeon, to add some “heavyweight expertise” and experience to the group. Not only is Dr. Awerbuck an expert ENT surgeon, he has an MBA from the University of Southern California.

“We started to get a lot of support, everybody was rooting for us,” he says. “It’s a great neighborhood and we got support from everybody.”

So this coalition made an unsolicited offer to the equity fund, which is when all the “kicking, scratching, maneuvering, negotiating” and yes, wrestling, began. It was a long, arduous process, but the equity fund relented and agreed to sell the building to the coalition. “I think they started to feel the pressure,” he says.

The deal closed in July, with most of the tenants on board as owner-operators and the whole effort was named 665 LLC, although Morwood said it would be renamed something along the lines of the Munras Medical Complex.

“The greatest feeling in the world is walking into the building knowing that we own it!” says Morwood, “it’s not a disinterested party from 2,400 miles away. We are the landlords. We did it, with a lot of help from some very hard-working pros.”

The building only has one space open now, the allergist has expanded operations and the Revitalessence Medical Spa & Laser Center has opened a branch.

And Morwood accomplished one other goal: “We fixed the roof! Now when it rains we don’t have to worry and wonder if the ceiling will cave in on us!”

The Monterey Chamber of Commerce will hold a ribbon-cutting ceremony and reception to celebrate local ownership of the 665 Munras building on Thursday, 17 Jan. 17, 2019, at 5:30 p.m. The public is invited to attend.

Contact:

Marci Bracco Cain

Chatterbox PR

Salinas, CA 93901

(831) 747-7455

http://www.montereychamber.com/

T5 Data Centers™ Continues Success with New Major Financial Services Tenants

T5’s Purpose-built Data Center Design Offers the Redundancy, Security, and Versatility to Continue to Attract Tenants with Business-critical Computing Needs.

Atlanta, GA, USA (April 23, 2014) — T5 Data Centers™ (http://www.t5datacenters.com), innovators in providing state-of-the-art, customizable and highly reliable computing support environments for any enterprise, today announced the signing of a new lease with a New York-based financial services company for space in T5’s purpose-built T5@Atlanta data center in Alpharetta, Georgia. T5 was chosen over other competing providers because of its robust and redundant data center design, and its reputation for excellence in data center operations, and maintaining critical systems uptime.

T5@Atlanta is a purpose-built, Tier III, server-ready data center with multiple data suite sizes and densities within its secure, bunkered facility. Each data hall suite is separated by slab-to-deck, fire-rated walls for autonomous operation, and security of regulated personal financial and/or health information. T5@Atlanta boasts over 100,000 square feet under one roof; nearly 55,000 of that with raised floor. It also features an installed critical IT power load of 6,000 kW, expandable to 9,000 kW. T5@Atlanta is LEED Silver certified, offers tenants significant tax incentives, operational control of their whitespace with guaranteed power and cooling availability within the robust utility, and fiber-rich Alpharetta Technology corridor.

“T5 continues to attract discerning customers such as financial services companies and healthcare firms that need to maintain sensitive data, and address security as part of their own compliance requirements,” said Tim Bright, Senior Vice President, of T5 Data Centers. “They come to T5 because of our reputation for reliable service, operational stability across our national portfolio, our willingness to customize our security, and power redundancy and resiliency. With backgrounds in Enterprise Data Center development, operations, and consulting, T5 approaches data center design differently by designing the kind of data center our clients would build themselves, even before we start customization.”

One of the unique features of T5@Atlanta is its power redundancy. T5@Atlanta is fed by five separate substations; two of them on Georgia Power’s “Hi-Reli” system for mission-critical users. The 25-kilovolt feeds from the substations are encased in concrete with an automatic transfer switch on site, delivering flawless reliability. Three additional substations can also feed the facility if necessary, although the primary and secondary circuits have had a historical reliability in excess of Tier IV requirements.

T5@Atlanta is one of seven sites across the United States within the T5 Data Centers portfolio, all designed with the same attention to reliability and service. Each data center is purpose-built to give customers total control of their own dedicated data hall. The T5 Critical Facility Operations Team provides support from design and construction through commissioning, and beyond. The objective is to give the customer absolute control over Total Cost of Occupancy.

About T5 Data Centers
T5 Data Centers (T5) is a leading national data center owner and operator, committed to delivering customizable, scalable data centers that provide an “always on” computing environment to power mission critical business applications. T5 Data Centers provides enterprise and wholesale colocation data center services to organizations across North America using proven, best-in-class technology and techniques to design and develop facilities that deliver the lowest possible total cost of operations for its clients. T5 currently has business-critical data center facilities in Atlanta, Los Angeles, Dallas, and Charlotte with new projects announced in Portland, New York, and Colorado. All of T5’s data center projects are purpose-built facilities featuring robust design, redundant and reliable power and telecommunications and have 24-hour staff to support mission-critical computing applications.

For more information, visit http://www.t5datacenters.com.

Contact:
Aaron Wangenheim
T5 Data Centers
(415) 292-7700
aaron@t5datacenters.com
http://www.t5datacenters.com