400,000 square
foot office project located in Midtown submarket.
Project
contained a 20-story high-rise and three two-story garden buildings.
40% of building
space becoming vacant over next two years.
Midtown market
projecting negative absorptions with three
new Class A towers being developed.
Project
perceived as stark and energy inefficient due to
cost-cutting by original developer.
Property
Business Plan
Revise
Image
1. Rename property to CitiBank Plaza to capture stature of new
anchor tenant.
2. Emphasize distinctive southwestern architecture by marketing
project’s design and features as “Distinctively
Phoenix”.
Complete major
$2 Million renovation
including:
1. New, fully mature landscaping over
entire 6-acre
site.
2. Renovate lobby and common areas, energy
management systems, and solar film on windows.
Target leasing
emphasis on high profile, credit-worthy
tenants already in Class A locations.
Directly contact
all major midtown tenants with lease
expirations coming up over the next two to four years.
Results
Property
maintained 92% occupancy rate during late 1980’s
real estate crash.
Reduced tenant
improvement costs $300,000 by changing to
unit cost pricing from per job bid basis.
