Work record / Stories

Running the comps before answering the cell tower offer

Symphony Towers offered to buy out the rooftop easement at 301 W Osborn; I priced it myself and collected three rival bids first.

The building at 301 W Osborn already carried a T-Mobile rooftop antenna lease. While we were converting it to residential units, Symphony Towers, backed by a large infrastructure fund, offered to buy out the easement outright.

I did not answer the first offer. I wrote the valuation briefing myself, in full. It covered industry multiples, an NPV comparison of holding against selling, the RF exposure that matters for a residential conversion, and City compliance notes. Then I got competing bids from three other tower buyers before I replied to anyone.

Symphony's figure priced out to roughly 21 times annual rent. My research put comparable deals clearly higher, so the honest read was that their figure was mid-range and no ceiling. The only way to test that without tipping my hand to one buyer was to run competing bids at the same time.

Landmark Dividend and Vertical Bridge replied with materially better terms: longer easements, plus a revenue share on any carriers later added to the roof. Now I had real leverage, in place of one number to take or leave.

I also briefed counsel fully ahead of the meeting and did not walk in to negotiate alone. I treated the lawyer as a partner in the read, and not as a signature at the end. Never answer the first offer on an asset you do not have to sell fast, and run the comps yourself before you believe anyone's number, your own first instinct included.

Story details

All stories · Work record