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Wilshire Plaza

900 & 1050 Wilshire Dr
Troy, Michigan

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Wilshire Plaza900 & 1050 Wilshire Dr
Troy, Michigan
Property type Office
Year built 1986 & 1985
Year renovated 2012
Size ±351,000
Assignment type
Construction & Design,
Facility Management,
Leasing,
Property & Asset Management

Challenges: Wilshire Plaza is comprised of two (2) class A office buildings in the I-75/ Crooks Road corridor that have been managed and leased by Friedman since 1999.  By 2009 the Troy submarket was weakening as a rash of consolidations, relocations and closures were adding up and occupancy levels were poised to drop even further. The buildings faced strong competition from Class A landlords who had been forced to become very aggressive to both retain existing tenants and make new deals.

Solutions: Friedman designed and completed interior and exterior upgrades including parking lot resurfacing, landscape upgrades, lobby renovations, restroom renovations and internal building system restorations.  A unique asset management plan focusing on daily property management operations, repositioning the buildings, increased income and a focus on tenant satisfaction was devised.  Following completion, an intensive marketing campaign began with aggressive lease rates.

Results: The overall occupancy increased from 68% to 93%.