- 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.