Loss: 100% vacant retail due to sidewalk scaffolding surrounding building’s lower floors. Significant office vacancy due to building conditions.
Cause of Loss: Structural failure of building’s stone curtain-wall system, splintering and falling onto the street below.
Solution: Encapsulate stone exterior with Neoparies (glass ceramic) and refinish decorative aluminum panels, in keeping with Historic Landmarks covenants. Redevelop all ground floor retail spaces along with the properties’ amenity areas. Re-brand property In support of marketing/leasing.
Result: Traded to new owner who completely leased the ground-floor retail premises, along with a significant increase in office leasing success.
Property Manager: Hines
Lender:
