Summit Point, a 25,000 RSF office building located at 2512 S. IH-35, traded hands in 2016 with a vacancy rate of 15%. Over half the building’s existing tenants had lease expirations within the following 12 months and ECR was hired to solve for a 50% upcoming vacancy, solidify the rent roll with quality tenants, and stabilize the building.
The leasing team and the ownership group worked together to develop an aggressive marketing strategy. Emphasis was placed on understanding the reality of the nature of the asset and how to appeal to businesses seeking an alternative to downtown office space, with reasonable rental rates and without sacrificing accessibility and nearby amenities.
As a result of ECR’s dedication to its clients, market knowledge, and agile and creative marketing approach, the leasing team successfully helped the building achieve 100% occupancy in less than 12 months and was able to secure a number of strong tenants, including a new tenant for 17% of the building for 7 years.