Loss: Rental income stops.
Cause of loss: Regional Bank’s HQ relocates to more modern facilities. Vacates 70% of the leasable premises.
Solution: Convert former 2-story bank lobby into new rentable SF. Redevelop remaining floors from “bank” aesthetics to modern skyscraper, with high-rise elevator lobby views into the nearby NFL stadium. Fully modernize building mechanical systems, achieving LEED status.
Result: Traded to national CRE investor following significant lease-up of the renovated office space.
Property Manager: Cushman & Wakefield
Lender:
