301 W Osborn came with an existing T-Mobile rooftop antenna lease. Symphony Towers, backed by a big infrastructure fund, offered to buy out the easement outright while we were mid-conversion of the building to residential units.
I didn't answer their first offer. I built a full valuation briefing myself, industry multiples, an NPV comparison of holding versus selling, RF exposure relevant to the residential conversion, City compliance notes, then went and got competing bids from three other tower buyers before I responded to anyone.
Symphony's number priced out to roughly 21 times annual rent. My own research showed comparable deals clearing meaningfully higher, so the honest read was that their number was mid-range, not a ceiling. Running competing bids in parallel was the only way to find out if I was right without tipping my hand to any single buyer.
Landmark Dividend and Vertical Bridge came back with materially higher terms, longer easements, revenue share on any future carriers added to the roof. That gave me real leverage instead of one number to take or leave.
Never answer the first offer on an asset you don't have to sell fast. Run the comps yourself before you believe anyone's number, including your own first instinct.
I briefed counsel fully before the meeting instead of showing up to negotiate solo. Treated the lawyer as a partner in the read, not just a signature at the end.