CBRE has arranged a lease renewal and resizing for Spectrum Association Management, a locally-based HOA property management firm. The company has shrunk its headquarters’ footprint at North Park Corporate Center in San Antonio from approximately 27,000 square feet to 19,738 square feet.
In doing so, the company expects to save around $250,000 per year in overhead costs.
Founded in 2001, Spectrum Association Management works with hundreds of homeowners associations in Texas and Arizona. The company serves single-family neighborhoods and has designed its management services to meet the needs of board members and homeowners through a modern approach, innovative technology, engaging homeowner experience, and unique board member resources.
“Spectrum, like many of my clients, was pleased to learn there was an option to right-size their real estate with two years remaining on their lease,” said Larry Mendez, first vice president with CBRE in San Antonio. “Current tenants in the market are facing similar challenges, and our team is here to help.”
Mendez, along with CBRE’s Yobana Castillo and Brad Kaufman, represented Spectrum in lease negotiations.
Located at 17319 San Pedro Ave., North Park Corporate Center has been Spectrum’s home since 2008. Delivered in 2006, the 86,400 sq. ft. building features ample parking, an outdoor greenspace and walking trail, and proximity to dozens of restaurants and major thoroughfares like U.S. Highway 281 and North Loop 1604 East.
