Federal agency officials are committing to a five-year lease for the building's third and fourth floors for divisions of the Social Security Administration, which also maintains its national headquarters near this complex. Richard Coles, senior vice president of Emmes, represented the owner in the lease negotiations.
Meadows Business Park is a mixed-use, 1 million-sf office, retail and industrial complex consisting of 20 buildings here. In 1994, when the property was acquired $25 million, the vacancy rate was 70%.
Now, more than 900,000 sf are leased, in excess of 350,000 sf was renovated, more than 1,200 jobs created, and the park's vacancy rate now stands at 9%. Emmes oversaw $3.5 million in improvements, including a new glass exterior, a new HVAC system, new bathrooms, new elevators, a new lobby and improved parking facilities.
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