Waterford Business District

SITUATION

  • Office park was perceived as dated, disconnected and lacking amenities and a “cool” factor.
  • The portfolio buildings were burdened with numerous contraction and termination options making it susceptible to unexpected increases in vacancy.

STRATEGY

  • Rebranded and reintroduced the park as Waterford Business District
  • Launched phased spec suites program and strategic renovations
  • Implemented a series of new tenant programs that enhanced the tenant experience and created a vibrant campus setting.
  • Proactively engaged with all tenants to develop relationships with key decision makers to increase tenant loyalty.

RESULTS

  • Increased both ask and take rates by 30%
  • Significantly decreased contraction and termination option concessions over the entire portfolio – Today only 3.5% of tenants have options vs. 20% when Blanca was first engaged
  • Leveraged unmatched central location, new amenities and tenant offerings to position WBD as South Florida’s premier business park, attracting numerous new tenants from all other major South Florida office submarkets
  • Completed over 1M SF of leasing since 2019