Highland Park Place had a reputation in the market of having an under-capitalized owner and poor management.
Over one-third of the leases, including two full-floor tenants, were rolling in the next 24 months.
The largest tenant, comprising approximately one-third of the building, was planning to purchase an investment property and vacate upon lease expiration.
When Highland Park Place was purchased, it needed immediate attention. Deferred maintenance issues and renovating the common areas were at the top of the list.
The rent roll was made up of local credit tenants at below market in-place rents.
Executed a full-press marketing campaign to reintroduce Highland Park Place to the market. The campaign included high-end, branded marketing materials and follow-up pieces.
Repositioned Highland Park Place as the premier office building in 75205, the most prestigious and affluent zip code in Dallas.
Implemented low-cost, high-impact renovations in the entry and lobby with top architecture firm, HKS. High-end renovations immediately gave Highland Park Place a Class A feel that was reflective of the surrounding neighborhood. Renovations also provided additional amenities to the building including a state-of-the-art conference center, security desk and conveniently located management office.
Worked relentlessly to show improved value and services associated with the new ownership which was of paramount importance when renewing existing tenants and significantly higher rates.
Highland Park Place is now positioned as a Class A building catering to Preston Center and Uptown tenants.
Increased occupancy to 94% leased within 24 months.