The NTTA is a governmental entity going through incredible growth and the team of Scott and Scott has helped bring order to the chaos. Their market knowledge, procurement processes and understanding of private and public entity issues, makes them excellent stewards of NTTA resources to maximize revenue and control costs.
The North Texas Tollway Authority (NTTA) needed to purchase either an existing structure or construct a new building to satisfy financial bond rating classifications, assisting in the development of new transportation arterials in North Texas. The prospective location for the new site was within a small geographic boundary, which had to offer visibility to one or more of NTTA’s transportation arteries. The targeted area did not provide viable options or available land to construct a new property. Complicating matters further, NTTA had existing leases for 65,000 square feet in two locations that needed to be eliminated simultaneously with the new site activities. Given that NTTA is a governmental, non-taxable entity, additional restrictions and limitations were put in place, including the fact that some of NTTA’s partners wanted to co-locate and are taxable entities, which clouded the non-taxable rating.
Citadel Partners needed to quickly identify all potential opportunities given restrictions put in place.
A competitive environment was created, such that an ideal off-market, existing building with frontage and exposure to two NTTA roadways was the top contender. Existing leases were eliminated, the final purchase price was reduced by more than 20% from the original price, and the desired taxable partners were able to co-locate with NTTA without any detrimental effects to the agency.