Bishop Steelworks Office Building

The landlord had previously had issues with poor performance of tenants and existing vacancies. They also struggled with not having enough in terms of collateral when a negative event did occur.

After a thorough review of the assets and meeting with landlord, property management and leasing Otso set up the idea of “minimum viable tenant” or MTV for the ownership. The concept being that any tenant (prospective) who could not qualify should not be offered a lease. This also had the neat effect of allowing the landlord to gain additional coverage through the program on every deal done with Otso.

Over time, we transitioned 10+ leases with this asset and not only helped drive more deals but increased the landlords cash coverage against negative events by over 400% on average. This has resulted in a better property performance, less risk and more value.

Tangible Results

Closing Faster

Otso completed underwriting of nine (9) applicants the very same day they applied. This led to faster negotiations.

Happy Tenants

Otso has saved businesses over $50,000 on out of pocket costs compared to typical lease security in the market.

Asset Value Increased

Otso added value to Bishop Street assets by showing more rent and more equivalent value than a traditional lease deposit, in most cases over 500% on each lease!

About Bishop

Bishop is a well-designed flex and office project in Atlanta. Their leasing team prides themselves on helping entrepreneurs succeed and driving maximum value for clients. They were seeking innovative products to not only attract tenants, but help set them up for success.

Bishop was one of Otso’s earliest adopters and have since executed more deals than their local competition.

At a Glance

Buildings Offering Otso

  • Bishop Steelworks
  • Fowler Street

Highlights

  • Executed 12 leases with Otso in a twelve month period
  • 92% approval rate
  • Outperformed the market vs competition with 400% more leasing activity.