Loss: Rental income stops once primary tenant vacates.
Cause of Loss: Regional Bank HQ relocates into a new Bank Tower within the same CBD submarket.
Solution: Full rebrand of what had been a Bank HQ building for 30-years. Renovate building aesthetics including a reshaped, modern lobby/gallery and a new outdoor plaza. Add new Building Identity Sculpture to reinforce new Brand. Redevelop attached garage into CBD parking hub.
Result: Traded to national CRE Investors during lease-up.
Property Manager:
Lender:
