The Challenge
Interstate Corporate Center (ICC) is a Class B suburban office park that consists of 15 buildings, totaling 400,000 SF. It was 40% vacant and had a negative reputation in the market for financial trouble and deferred maintenance. New ownership hired CCP as the property and asset management team, and we hired CBRE for leasing
Our Solutions
- Re-branded the property with a new name and logo, in combination with the new management and leasing teams.
- Created a Capital Plan that included new roofs, HVAC, renovated lobbies, updated parking lots, and new exterior painting.
- Re-introduced the property to the market by hosting broker events at the newly renovated buildings. Property owners attended these events to meet the brokerage community.
- Acted on pending lease renewals and strategically filled vacant space to allow for large blocks of space to become available.
- Stabilized staffing and operations.
- Conducted utility audits and made strategic repairs and upgrades.
The Results
- Stabilized Occupancy at 80%
- 18% Increase to Portfolio’s NOI
- Reduced Operating Expenses through utility audits and upgrades.
- By strategically filling vacancies, we allowed for two larger-credit tenants with long-term leases to occupy space within the portfolio.
