ECR was hired to reposition Park Central, a 100,000 SF newer construction office building in North Austin, that had significant vacancy and little to no lease activity prior to its involvement. Many brokers in the market either had not toured the building or did not want to include the building on their client’s market survey due to the perception that the building was not convenient to retail and was not well located for employees getting to or from their homes.
ECR’s leasing team surveyed several active tenant rep brokers to learn about any challenges or issues the building needed to overcome. ECR executed on several leasing initiatives including, hosting several small group broker lunches at the building where we ordered from a nearby restaurant as well as created custom maps to showcase the nearby retail offerings including directly next door, across IH-35, and the close proximity to The Domain. In addition, ECR’s leasing team worked with the building architect to come up with test-fit plans which included renderings to put on marketing boards within the available spaces. ECR continued to make calls to the brokerage community to make them aware of the lease opportunities.
ECR has represented Vista as Landlord’s Agent for our Asset in North Austin, since purchase in Q4 2014. Vista was aware that it was an “A” property in a “B” location and many of the challenges associated along with that. They were able to take the properties highlights and refocus brokers who had since long forgotten its existence. ECR successfully leased or renewed in place, more than 50% of the Building including approximately 13% of the Building which had been shell condition since its 2008 development. The group’s knowledge of the market and their ability to see opportunity, allowed us to push rents, thus increasing NOI and allowing us the ability to bring the Asset to market in a better than anticipated position upon exit.
Vista Management Company
ECR successfully executed on several new leases at the building (totaling more than 50% of the building’s space) and increased lease rates by more than 20% during this time. As a result of the recent leasing success, the building ownership is in the process of bringing Park Central to the market for sale.