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~ ~ MEMORANDUM TO: Bill Frey, Jr. CCIM FROM: Randy Curtis, Director SUBJECT: Leasing analysis DATE: November 6, 1997 Thank you for meeting with me on Tuesday and agreeing to evaluate the market conditions relating to the county's expansion space. As we discussed, the county is concerned about the ability to lease up the 30,OOQ sf of class A space in Courthouse Square as well as 25,000 sf of class B in the Franklin Bldg. Our concern is based, in part, on the assumptions used in the financial models that the building will achieve 100% occupancy in 1999. I have requested that you give us your analysis of the county's ability to achieve this goal using office inventory and vacancy data available from Spence Powell's annual reports. If possible, we would like to have your analysis by November 14`h so that it may be presented to the Chamber of Commerce's special review committee. With regard to leasing space or selling the Franklin Building, please be advised that I am not in a position to make a commitment at this time that you will be the exclusive agent for that building. Discussions with our legal counsel this morning have advised me to be cautious about any new agreements we make. The newspaper is questioning us about your selection process for Courthouse Square and once again we are on the defensive. I also understand that Gloria Jackson has expressed some concerns that she was not given the opportunity to offer her leasing services. In my July l6th letter to you, I expressed concern that I wanted assurance that other Coldwell Banker Brokers would not be critical of your selection. Please understand that I am very pleased with your services to date and I have every reason to believe you will successfully represent the county's interests. However, almost every decision we have made to hire local consultants and