American Podiatric Medical Association HQ
Project Type: HQ Disposition & Relocation
Space Use: Office
Location: Montgomery County, MD
Project Size: 25,000 SF
Services Provided: Disposition, Leasing
In 2022, The American Podiatric Medical Association’s (“APMA”) leadership team determined that less space was required to operate the association as a result of its shift to a hybrid remote workplace strategy implemented during Covid. Shortly thereafter, JM Zell was retained by APMA to sell its aging headquarters campus located on Old Georgetown Road in Montgomery County, MD and represent APMA in leasing more efficient and modern office space to house its headquarters activities.
JM Zell began the engagement with an in-depth study of the headquarters site to determine its highest and best use within the context of the site’s key constraints (location, orientation, and zoning) and the real estate market.
JM Zell analyzed multiple sales scenarios (including modeling theoretical sale(s) to a townhouse developer, single-family home builder, school user, medical office user, etc.) presenting to APMA leadership the potential value realized, risks, and timing for each likely product type.
JM Zell then quietly marketed the opportunity to pre-qualified investors/users. Ultimately a local education institution, the Diener School, presented an offer to purchase the APMA Headquarters with the plan to rezone and remodel the building for its use.
Because of JM Zell’s familiarity with Montgomery County’s zoning and approval processes, education users, development, and construction, JM Zell was able to structure a deal to mitigate risk to the seller while maximizing sales proceeds and reducing timing to close. Additionally, due to the initial investigation/ seller education phase of the project, APMA was able to quickly gather consensus around its chosen course of action to sell to The Diener School.
In late 2023, after Diener’s successful zoning and approval processes, APMA completed the sale of its former headquarters on Old Georgetown Road to The Diener School which seamlessly commenced major renovations.
Disclosure: JM Zell represented both APMA and The Diener School with the consent of both parties.
If you are interested in learning more about how JM Zell can assist you in achieving your business and operations goals through real estate, please contact us here.