515 Congress

Situation

515 Congress is an older building in a great location. The building’s marketing materials were dated and the building was not well-branded.
The building had an image that attracted very traditional tenants, which was different than the tenants looking for space.
35% (90,000 SF) of the building was rolling within 12 months of hiring Stream, including Bank of America, the 50K SF anchor tenant.
Rental rates of the rolling tenants drastically needed to be reset.
The building’s previous owner notified the business community that there were plans to redevelop the entire block, including 515 Congress, giving prospective tenants uncertainty.
The parking ratio was 1:770 SF, which was below average for the CBD. Parking rates were also below market and needed to be increased.

Updated the marketing collateral.
Built out spaces in the building as “creative space” (exposed ceilings, stained concrete floors, open concept).
Diligently worked to stay in front of tenants coming up for renewal to educate them on changes in the market.
Helped devise a plan for ownership to keep 515 Congress intact while redeveloping the adjacent building (501 Congress) into a 116,000 SF, Class A building.
Increased parking rates to market.

Provided insight to prospects of how creative space can be achieved in an older building. All spec creative space was leased.
Completed 111,000 SFof leases in the first 14 months (55,000 SF of renewals and 56,000 SF of new leases).
Raised the NOI of the parking garage by 35% while getting better control of the garage.

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