Assignment
Assist the ownership on the renovation and multi-tenant leasing strategy for an ex-Boeing 320,000 square foot, 5 building office campus in Renton, Washington. Bedford Property Investors (REIT) hired PREP to advise them on these issues and establish project credibility during the low point of the Southend market cycle, with vacancy rates reaching 30% in this submarket.
Objective
To establish a new high-tide mark for office leasing in the submarket, achieve absorption goals with yields above market, and establish energy, activity and life on campus.
|
Challenges
Project aesthetics and building of functionality suffered from Boeing’s long occupancy. Furthermore, basic elements of the project were often unknown by the brokerage and business community (i.e. location, size, and type of buildings) due to the fact that buildings had never been available to tenants.
Results
Currently PREP has completed the first phase of its leasing program with credit worthy and notable tenants. Market credibility has been firmly established by attracting an exciting tenant mix and a reputation for creative solutions to traditional transactional barriers.
|
