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Role
Element led leasing, repositioning strategy, and asset management
Opportunity & Challenges
A well-located but underperforming historic warehouse, the property required thoughtful upgrades and a clear leasing strategy to compete in the evolving North Loop market. The challenge was to modernize the asset while maintaining its historic integrity and appeal which was accomplished through a phased renovation strategy based on owner resources.
Approach
One of the first strategies implemented was a redesign of the hallways to maximize rentable square footage and add windows throughout the building to convert storage spaces to office and retail space. Element also assisted the owner in converting gross leases to net leases. Element continued to work with the building owner to provide asset management services including leasing strategy, budgeting, lease management, common area maintenance reconciliations, and capital planning.
Results
→ $27.6M in value created
→ 2,845% increase in performance
→ Transformed leasing profile
→ Stabilized long-term occupancy
