Highlights

• Brought building from vacant to more than 90 percent occupancy
• Spearheaded complete building renovation that added value and resulted in substantial profit for building owners upon sale
• Renovation and re-tenanting helped spur revitalization of entire neighborhood

Synopsis

After assuming management and leasing responsibilities on behalf of a third-party owner, JCF Real Estate increased occupancy and added considerable value to Iroquois Commons, an office complex in Naperville, Ill. Thanks to a complete renovation and an aggressive re-tenanting campaign, occupancy was increased from vacant to more than 90 percent during JCF's tenure.

Detailed Situation/Description:

JCF Real Estate in the mid 90s assumed management and leasing responsibilities for Iroquois Commons. At the time, the four single-story office buildings were vacant and had fallen into disrepair.

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 ability to be both creative and flexible in order to add value to the center.

Solution:

JCF convinced ownership to contribute substantial capital into the building, creating an updated feel and improving the overall atmosphere through completely renovated common areas and new landscaping. Meanwhile, JCF embarked on an aggressive marketing and negotiations program.

Results:

Occupancy at the building peaked at 95 percent during JCF's tenure. The third-party owners eventually sold the building, generating a substantial profit.