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Yen for teamwork yields profits
Tektronix is a world leader in the testing, measuring, and monitoring of electronic signals, with locations in Europe, Asia Pacific, and South America.
" "We use C&W almost exclusively because of its worldwide capabilities....They understand our corporate strategy and how real estate can help us achieve our long-term goals" "
- John Kaye
The ChallengeIn 2002, Tektronix was planning to acquire Sony's interest in a Tokyo based joint venture. The joint venture had been occupying an eight-story, 160,000 square-foot, j.v.-owned property. With the joint venture concluding, Tektronix wanted to re-examine whether its real estate assets fit its strategy for the business.
Our ImpactThis approach was not new for Tektronix. Since 1998, we have had a formal service agreement to provide seamless, single-point-of-contact services worldwide through our Portland office, and these evaluations had proven beneficial to Tektronix. Our Portland team immediately called on their Tokyo colleagues to examine Tektronix’s options and present the best possible strategy.
Other Tokyo brokers were already cautioning Tektronix that, given the weak real estate market, the building might sit on the market for months. But our firm rarely relies on accepted wisdom, preferring – like Tektronix – to test, measure, and monitor for our-selves.
Our superior Research and Asset Services teams in Tokyo carefully studied the market, the property, and the site and came to a different conclusion: the site could support a much larger building, although the current building was only eight stories. We recom-mended disposing of the building and leasing new space.
The OutcomeOur information enabled our Brokerage professionals to pique the interest of developers willing to level the existing structure and replace it with a taller building. The eventual disposition, which required flawless team work among all parties on both sides of the Pacific, exceeded our own expectations.
Our market insight also uncovered 20 appealing locations for Tektronix to lease. The final site selected was 40,000 square feet in a modern, five-year-old building in the bur-geoning Shinagawa neighbourhood. The new space is more modern and features a new rail station, making commuting highly convenient.