Challenges: Both Laurel Office Park I & III properties were returned to their respective lenders in 2010. At the time, combined occupancy for both assets was 41%. The properties suffered from a lack of attention including outdated lobbies and common area finishes, overgrown landscaping and a facade in need of repainting.
Solutions: Friedman designed a complete lobby, common area and landscaping renovation plan which was executed within the first 90 days of being awarded this assignment. Following its completion, an intensive marketing campaign ensued to reposition the asset as a newly renovated property with aggressive lease rates.
Results: Due to the new “look and feel” of the properties and aggressive marketing tactics, Friedman was able to secure three new lease transactions within the first 60 days after completion of the renovations and in total was able to procure nearly 115,000 square feet of new leasing and expansions and retained the majority of tenants who were on month-to-month terms or about to expire. The overall occupancy has since increased to almost 73%.
Recently added tenants include: Market Place Homes, Magdich & Associates and Pet Supplies Plus, the third largest pet specialty retailer in the United States with 257 stores in 23 states, who relocated their national headquarters to Laurel Office Park III in 2012.