A potential sale of the Frederick Towers remains an even deeper question mark, now that a marketer for the property has left the scene.
“Unfortunately, our listing agreement has expired for this property,” said Cindy Dees, sales and marketing director for Williams & Williams Auction Co.
The company offered the property, located at 2400 Frederick Ave., for sale in September and agreed to compile bids via an online auction. That process elicited only one unidentified bidder, with no terms achieved. That minimum bid was $200,000.
Dees explained the changed circumstances to News-Press NOW.
“The listing agreement any real estate brokerage has with a seller is a contract, and must have a start and stop date,” she said. “Agreements can vary by brokerage and type of property (residential vs. commercial). Once the listing agreement is expired, we must back away, and the seller is free to do what they want in terms of relisting with another broker or not. The seller is in control.”
A brokerage typically has 45 days to market most commercial properties, according to Dees.
“Sometimes we sell them faster, or big complex properties like the $20 million office campus we sold last year may have up to 90 days for marketing,” she added.
No further details were available. News-Press NOW was unable to reach property manager Mark Clark earlier this week for comment on the Towers’ status.
One current tenant said those who use space at the Towers typically get advance notice of any visits by prospective buyers. Kim Warren operates two growing businesses, Mid-City Excellence and the American Grant Writing Service, on the fifth floor. The latter concern boasts of more than 400 clients in 44 states and Portugal.
“It’s easier for people to find me. ... For meetings, it’s very convenient. ... It’s an excellent place to record,” said Warren of a location that’s secure, cost-efficient, professiona, and well-known to the community. “I’m a night owl.”
No disruptions have occurred because of the pending sale. Warren said she has witnessed at least three owners since she began renting space in 2014.
“You can see improvements” to the building on occasion, she said. Crews recently spent time working on the HVAC units on the rooftop.
There’s a good camaraderie and conviviality among the tenants, said Warren. She’s always been on the fifth floor, and its tenant numbers have been consistent. She has other options at her disposal, but regards the Towers as a good fit for her purposes.
“I hope to be here for a long time,” she said. “The right owner could really market this place.”
Clint Thompson, the city’s director of planning and community development, said he has not been in touch with any prospective buyer or seller.