Highlights

• Spearheaded complete building renovation that added value and resulted in substantial profit for building owners upon sale
• Orchestrated aggressive re-tenanting campaign, bringing the building from 20 percent to more than 90 percent leased within two years
• Created substantial returns for third-party owner both through management and ultimate disposition of the property

Synopsis

After assuming management and leasing responsibilities on behalf of an institutional owner, JCF Real Estate increased occupancy and added considerable value to 820 Davis Street, an 81,000-square-foot office building located in the heart of downtown Evanston, Ill. As a result of a complete renovation and an aggressive re-tenanting campaign, occupancy was increased from just 20 percent to more than 90 percent within two years.

Detailed Situation/Description:

JCF Real Estate in 1994 assumed management and leasing responsibilities for 820 Davis Street. At the time, the 5-story, 81,000-square-foot, Class "B" building was only about 20 percent occupied and was a tired asset not competitive with other properties in Evanston.

Strategy:

JCF Real Estate sought to orchestrate an extensive overhaul of the building, demonstrating its commitment to building ownership as well as current and prospective tenants. JCF would leverage its financial commitment and its ability to be both creative and flexible in order to add value to the center.

Solution:

On behalf of ownership, JCF invested substantial capital into the building, creating an updated feel and improving the overall atmosphere and image of the property through an improved lobby, common area hallways and common bathrooms. The building's central atrium was also redesigned, adding more leasable office space, which resulted in more profit potential. Meanwhile, JCF embarked on an aggressive marketing and leasing program, reintroducing the building to the brokerage community.

Results:

Within two years, building occupancy increased from just 20 percent to more than 90 percent, eventually reaching 100 percent occupancy. These results allowed the owner to eventually sell the building in 2002, generating a substantial profit.