A few months later, Hansen bought in a team of brokers from CB Richard Ellis to re-sign tenants whose leases were expiring and backfill 72,000 sf of available space. Over the next six months, CBRE's Clint Benson, Eric Grindy and Tom Fellman worked with better than 14 businesses and several brokers--including Doug Bean, Mike Holzgang and Dave Squire--to renew and re-lease a total of 78,000 sf in the building.

Today, occupancy stands at 88% and leases currently in negotiation with six professional service firms would fill 35,000 sf of the 45,000 sf still available, Benson tells GlobeSt.com. With a $2.3-million lobby renovation also now in the works that will dramatically improve the look and feel of the property, Hansen is confident of hitting EOP's year-end goal of 95% occupancy.

As for the time it has taken, Hansen says CBRE might have filled the building faster, but it would have been detrimental to the building's overall atmosphere. "You have to think about tenant mix in the building; because of its proximity to the courthouses, we have an awful lot of well-heeled law firms that wouldn't be particularly comfortable having a bunch of financially questionable dot-com tenants running around," says Hanson. "It's good to lease quickly, but its better to lease well--for tenants and investors."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.