Eastside Preparatory School

This fast-growing private middle/high college prep academy founded by the former principal of Lakeside School, leased 10 separate buildings at Linbrook Office Park, a conveniently located Kirkland office park.  Shortly thereafter, the park was sold and the new buyer started selling off, at a premium each of the separate tax lots.

 


 

Challenge

EPS wanted to secure sufficient space, appropriately zoned for school use, to accommodate expansion.  ESP trustees wanted to ensure this would be a long-term home at which the school could justify the necessary specialized capital investments.  At the time, ESP was in its formative years and could not yet afford to purchase a campus.

 

Solution

A group of parents formed an LLC to purchase 10 buildings and retained OfficeLease to represent them in this effort.  The purchase was successfully accomplished at a significant discount to the price at which other identical buildings were being sold in the park.  A fair market long-term lease for the school was negotiated in parallel with an option agreement for EPS to purchase this ‘campus’ at a guaranteed price at such time as the school is mature enough for both a capital campaign and bond financing.

 

 

 

 


Quote mark-green-03

Paul Suzman was the person most instrumental in helping EPS locate its facility.  He’s a terrific guy to work with and endlessly patient.  He (and OfficeLease) would be a tremendous asset to any school who might be exploring alternative facilities.”
Teri Macaluso, Head of Eastside Preparatory School