ECR provides project marketing and leasing services for Monterey Oaks, a 75, 000 SF office building in Southwest Austin. While negotiating a lease extension with a tenant for approximately 15% of the office space in the building, another significant tenant defaulted on their lease at the building, which could have resulted in the building going from 100% occupancy to approximately 70% within a few months.
The ECR team worked very quickly with the ownership to finalize lease terms with the existing tenant, increasing the tenant’s in-place lease rate by more than 20% with very minimal refurbishment to their space. In regards to the vacated space, a leasing special was offered and, within three weeks, the ownership had the choice of a handful of prospective tenants interested in moving into the space with quick commencements and minimal improvements. ECR’s strategic and proactive leasing approach to these opportunities helped meet the ownership’s goal of retaining 100% occupancy while substantially increasing the Net Operating Income for the property.