The largest tenant in Regency Office Center (2100 S. IH-35) who leased the entire 2nd floor consisting of 55,000 SF was moving out. While the building had a strong offering with a large/efficient floor plan with excellent parking in a Central location, the building had also not been updated in a long period of time. The ownership’s goal was to have as minimal downtime as possible while achieving the best terms possible.
ECR worked with the ownership to research the market and clearly understand the competition. Taking into account this information, the ownership prepared improvements for the lobby and many of the common areas of the building. ECR put together custom marketing materials including renderings for the improvements and created a marketing center at the building. Further, ECR hosted a series of private broker lunches, sent out custom mailers to the brokerage community and directly to tenants, executed on a strategic email campaign, and continued consistent follow up calls to prospects and the brokerage community. The ownership was able to negotiate with the vacating tenant to keep their furniture in place if needed for a future tenant and this information was also marketed to attract users looking for a more move-in ready solution.
The tour activity for the property was very strong and during the time of the tenant moving out, ECR had sourced three prospective tenant prospects. One of the prospects provided for the best solution for leasing the entire 2nd floor with a near immediate move-in, a long-term lease, and minimal construction requirements given that they were attracted the furniture being in-place. The ownership and ECR were able to finalize the lease which resulted in only four months of downtime between the former tenant moving out and the new tenant’s lease commencing.
Debra Bush, Asset Manager, states, “ECR successfully solved our leasing requirements for a large, contiguous amount of space, with minimal amount of vacancy and downtime, completing the transaction through some complicated challenges. While the building’s dated main entrance, lobby and corridors were under construction, ECR successfully leased the building by helping prospects envision their future updated workplace environment. The ECR team is hard-working, well organized and focused. They diligently communicated with the owners and tenant, providing knowledgeable support throughout the process.”