Orbison Building Case Study: Saving and Sustaining a Music Icon's Legacy
“We have worked with Stan going on 17 years now. This long-term partnership is a testament to his quality of work and caliber of character. He helped us completely turn this investment around and set up safeguards for future success.”
Challenge
Barbara Orbison, wife of the late Roy Orbison, purchased what would come to be known as the Orbison Building in Nashville, Tennessee, to provide a creative hub for music and entertainment industry professionals. Originally tenanted with hip, young start-ups with little credit history, all but one left after the tech bubble burst.
In 2000, Stan Snipes was hired to re-lease almost the entire 30,000- square-foot building. He needed to find companies that would honor the space’s musical/creative character and be financially capable to weather inevitable economic ups and downs.
Solution
In keeping with the owners’ wishes, Snipes limited his tenant search to only music industry and media related tenants with a financially strong operational history. New tenants also had to undergo a thorough vetting process before signing a lease. This ensured the building would remain a creative center, with dynamic companies that would help maintain the financial stability of the building. Keeping a close and constant pulse on the market and prospects, Snipes also created an ongoing list of eligible tenants to back fill office space. Always having new tenants on deck allowed for available office space to be filled immediately.
Since 2000, Snipes has handled all leasing for the Orbison Building, securing and maintaining a 100 percent occupancy rate since 2010.
Results
Fully Leased Building. Snipes fully leased an almost completely vacant multi-tenant building and has maintained 100 percent occupancy since 2010. He also created a list of prospective tenants ready to immediately fill office space as it came available.
Secured the right tenants. Leveraging his expansive market knowledge and Nashville network, Snipes found financially strong tenants that also fit with the building’s entertainment heritage.
Doubled the building value. The building’s value has increased two-fold since 2000, thanks in part to Snipes’ ability to strategically market and secure a mix of stable entertainment related business that will continue to increase the buildings value over time through steady rent growth.