Turning Around a Trophy Asset in a Challenging CBD Market
The Challenge
When Parmenter Realty Partners engaged Commonwealth for leasing at Truist Place, a 460,000 square foot office tower in Richmond’s central business district, the property was facing headwinds on multiple fronts. Occupancy had fallen to 74%, the CBD was experiencing negative absorption, and two national firms had already failed to move the needle. Parmenter needed a different approach, one that combined local market credibility, hands-on execution, and an aggressive rebranding campaign capable of changing the narrative around the asset.
Our Solutions
Commonwealth replaced the passive, national-firm playbook with a relentlessly active local leasing strategy. The team committed to 50 broker mailings and 50 cold calls per week, a 24-hour broker and management response policy, and a personal attendance commitment to every single showing. Commonwealth engaged economic development resources, executed a targeted rebranding campaign with new signage and digital presence, and rebuilt relationships with the local brokerage community through individual lunch meetings and receptions. Weekly leasing reports kept ownership informed at every step, while monthly tenant check-ins protected existing occupancy as new leases were being pursued.
The Results
The results were unambiguous. Commonwealth leased 135,000 square feet in just 18 months, executing an average of one new lease every 45 days. Occupancy climbed from 74% to 97%, transforming Truist Place from a struggling CBD asset into a recognized, fully stabilized multi-tenant building. The turnaround demonstrated what focused local execution and genuine market relationships can accomplish where national firms with broader mandates had fallen short.
