ECR was selected to lease or sell a new construction project at 2301 E. Riverside Drive which consisted of a recently completed 16,875 RSF office/retail building, a Capital One ground lease, and a proposed site for a 29,205 RSF office building.
After exploring the market for sale, pricing was not in-line with the clients’ expectations primarily attributed to the 16,875 RSF office/retail building being vacant. ECR determined that as a pure retail location the building didn’t have the proper parking ratio so ECR proposed a plan to go after more creative-use tenants that would have a lower parking need. ECR worked with the ownership to build out multiple spec or white box spaces of various sizes. The owner started at the far end of the building where a current tenant was in and worked towards the front end cap space that would be more valuable at the end of the process. This strategy also provided for controls over construction cost.
I hired ECR after a year of unsuccessfully marketing a 17,000 ft retail building on E. Riverside on my own. The first thing they did was to evaluate the entire project and the market. They then suggested we change the approach from retail to creative office. Within 10 months we were at full occupancy.
Riverside Interests, LP
As soon as spaces were completed each had proposals or leases within a month of completion. After being vacant for 8 months the entire project was leased in approximately 10 months to creative users such as architects, an advertising firm, two high tech firms, and a personal trainer. Through this strategy, ECR helped the owner maximize rates and secure a solid tenant roster. Due to the achieved rental rates and quality of tenants the owner has broken ground on a 29,205 RSF office building in the project.