When Omaha’s Metropolitan Utilities District (MUD) was facing substantial remodeling costs for its 90-year-old building at 1723 Harney Street, the organization’s leadership team knew it had a decision to make: stay and remodel or look for a new location for its headquarters.
Remodeling the building would come with the additional headache of living through a renovation or leasing a temporary location to continue operations. Around the same time, MUD was hearing of interest in its building from potential developers in the nearby Flatiron District.
MUD initially retained IRI’s Tim Kerrigan and J.P. Raynor to determine the value of the property.
Tim and J.P. also made MUD aware of interest in the building from Douglas County, the eventual buyer, and they helped build a team to conduct the comprehensive analysis of the property that MUD needed in order to make a decision.
Tim and J.P. provided property values, capital improvement costs, remodeling and redecorating costs, and several long-term financial projections to MUD’s senior leadership and board of directors.
Two years of groundwork and analysis positioned MUD to secure a premium purchase price of $6 million on its building because the team was able to make informed decisions quickly. Throughout the process, Tim and J.P. also advised MUD on new real estate options.
As a result, MUD recognized a good opportunity when it became available and was ready to act.
MUD closed on the purchase of its new headquarters at 7350 World Communications Drive on April 30 for $7.9 million and will be able to relocate the organization without a temporary office solution.
The new 91,600 square foot headquarters has nearly twice the office space of the former building and will ease overcrowding of locations across the entire organization.
MUD anticipates increased productivity and employee satisfaction while remaining fiscally responsible with ratepayer dollars.