Securing Credit Tenants in a Time of Recession

SITUATION

  • Building delivered in the midst of the recession
  • Nearly 800,000 square feet of new competitive office supply delivered
  • No pre-leasing

STRATEGY

  • Focused and targeted canvassing program to secure credit anchor tenant
  • Proactive positioning of the asset’s location and unique urban experience connecting it to the vision of CityPlace

RESULTS

  • Secured 95,000 SF anchor tenant within 6 months of engagement
  • Reached 95% occupancy within months and maintained occupancy above 90%
  • Procured Related Group to enter into a JV agreement with ShomaGroup to develop CityPlaceDoral