804 Congress

Challenge

804 Congress was acquired in a dated and vacant condition. The 46,000 SF building was effectively fully vacant upon the new ownership purchasing the building and when ECR came on to leasing. Further, the building did not have a good impression in the marketplace given its poor condition and past operations.

Strategy

While the property ownership developed remodel plans, ECR aggressively marketed and promoted the building to lease the spaces in the dated condition to help create cash-flow. Over time, the ownership remodeled each floor as well as the building lobby to provide creative office space and a unique environment. The ECR team created custom marketing materials and a unique brand targeting the technology sector of the market. Further, the team executed on a targeted marketing campaign to the brokerage community which consisted of a coffee event/tour showcasing the new Café Medici in the lobby, providing coffee certificates to brokers as well as private lunches/tours.

Results

ECR was able to lease the 6 full floors multiple times to different tenants during the transition of the building to maintain cash flow and eventually to 2 growing technology companies (DUO Security and Modernize) to fully occupy the building under long-term leases. During this 2 year transition period of time, the rental rate levels were increased by approximately 46%.