Farmington Hills, Michigan (March 7, 2014) – Friedman Integrated Real Estate Solutions, one of the nation’s leading providers of commercial real estate services, is pleased to announce that following significant improvements to the properties, occupancy rates at Laurel Office Park I and III have increased to 73%, and is expected to be 85% occupied by the end of the year.
Laurel Office Park I and III, ±339,300 square foot multi-tenant office complexes located at 17177 and 17197 Laurel Park Drive in Livonia, Michigan, are conveniently situated at the northeast corner of the Six Mile and I-275 Interchange and have immediate access to I-96 and M-14. Part of the Laurel Park Place retail shopping development, Laurel Office Park is minutes from great shopping, dining, lodging and entertainment.
Friedman was awarded leasing and management operations of Laurel Office Park I and III in 2010. Built in 1985, the buildings were outdated and in need of attention. Friedman’s Construction and Design team developed a plan for the improvements and renovations were completed within the first 90 days of being awarded the assignment.
Renovations at both properties included new lobbies with beautiful, four-story atriums visible from all floors, common area and landscaping improvements, as well as refurbishments to the buildings’ facade. On-site amenities include banking, updated cafeterias and sundry shops, on-site management, monitored security systems, Life Safety systems and a shared conference room available on the first floor in Laurel Office Park III.
At the time Friedman assumed leasing and management, combined occupancy for both properties was only 41%. Today, after repositioning the assets and following an intensive marketing campaign and aggressive lease rates, occupancy at Laurel Office Park I and III has increased to 73%.
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.
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.
“We have a proven track record in identifying opportunistic properties and repositioning them through renovating, restructuring, re-branding and lease-up. Laurel Office Park I and III are excellent examples of our success in this area,” said David Friedman, President and CEO. “We are now able to offer tenants seeking a modern office environment in the Livonia submarket an incredible value in an outstanding location.”
During 2013, the I-275 Livonia office submarket witnessed its first huge spike in overall occupancy rates since 2011 and is up to 81.6%, the highest rate the submarket has reached in 3 years. According to the Livonia Chamber of Commerce, with its unmatched accessibility and distinction of having the second lowest municipal property tax rate in Wayne County, Livonia is one of Metro Detroit’s most sought- after places to do business. The ninth largest city in Michigan, Livonia is a 30 minute drive from the City of Detroit and easily accessible to Metropolitan Airport.
Available space for lease at both properties totals ±91,247 square feet with suites ranging from ±306 to ±22,000 contiguous SF. For leasing information at Laurel Office Park I and III, please contact Drew Watson, Associate, Brokerage Services: andrew.watson@freg.com.
ABOUT FRIEDMAN INTEGRATED REAL ESTATE SOLUTIONS
Recognized as one of the largest privately-held commercial real estate organizations in the nation, Friedman Integrated Real Estate Solutions provides clients with a single point of contact for the full range of services it offers.
Friedman manages over 140 facilities encompassing more than 16M SF of commercial and 7,000 multi-family units across the country. As owners and managers of commercial property for 25 years, Friedman understands what it takes to achieve results that maximize the client’s objectives.
For more information, please visit: www.friedmanrealestate.com.
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