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CitiBank Plaza, Phoenix, Arizona
Circumstancial Description Prior to Take Over
- 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
- - Rename property to CitiBank Plaza to capture stature of new anchor tenant.
- - Emphasize distinctive southwestern architecture by marketing project's design.
- Complete major $2 Million renovation including:
- - New, fully mature landscaping over entire 6-acre site.
- - 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 maintainted 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.
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