PROVEN PERFORMANCE
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Situation
- Building was in special servicing due to an excessive debt load.
- The project had been vacant for more than two years following the departure of its sole tenant.
- Suffered from ongoing mold infiltration issues.
- Under parked, under-capitalized and under marketed.
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Action
- Identified a lack of viable options in the DFW market for suburban office product with big block availability and heavy parking.
- Purchased adjacent land and re-platted 4.5 acres to increase the building’s parking ratio to 6:1000.
- Worked with the Construction Management team to remediate the mold infiltration.
- Initiated a large-scale marketing campaign to re-brand and re-introduce the asset as one of DFW’s best campus solutions for dense users.
- Stream focused on the supply and demand fundamentals impacting each asset to understand why tenants wanted to be in these parks, and therefore how to achieve the most aggressive leasing terms for its client, DRA Advisors.
Results
- Executed a 15-year lease for the entire project with Kohl’s Department Stores within 6 months of taking over the building.
- Outperformed the projected 24-month lease up timeline by 18 months.
