Highlights

• Coordinated numerous mechanical and cosmetic building renovations that added value and resulted in increasing leasing traffic and occupancy at building
• Renovation and re-tenanting helped continue revitalization of entire neighborhood
• Substantially increased occupancy at property

Synopsis

After assuming management and leasing responsibilities on behalf of a third-party owner, JCF Real Estate was responsible for coordinating substantial mechanical and cosmetic renovations to 3333 W. Arthington, a historical five-story, 250,000-square foot office building in Chicago's Lawndale neighborhood. This building was the corporate headquarters for The Sears Corporation from the late 1800's until they moved to the Sears Tower in the 1970's. Some of the renovations the property required were a new boiler and HVAC system, new freight elevator, and updated fire suppression system. Thanks to a complete renovation and an aggressive re-tenanting campaign, occupancy was increased from nearly vacant to a level where ownership was able to break even on operating costs.

Detailed Situation/Description:

JCF Real Estate in 2001 assumed management and leasing responsibilities for 3333 W. Arthington. At the time, the historical 5-story, Class "C" building was predominately vacant and had fallen into disrepair. Of note was the building's status as one of the first corporate headquarters for Sears, before it moved to the Sears Tower in downtown Chicago.

Strategy:

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

Solution:

JCF coordinated investing substantial capital into the building, creating an updated feel and improving the overall atmosphere through a new HVAC system, a complete renovation of the lobby, common area bathrooms and elevator, a new security system and new fire safety equipment. Meanwhile, JCF embarked on an aggressive marketing and negotiations program.

Results:

JCF Real Estate was able to renovate and lease the property, thereby creating additional value to the property owner until its disposition.