Challenges: This 150,000 SF office/research facility was sold off as a result of Chrysler’s bankruptcy in 2009. Approximately one-third of the building was built for office use while the balance of the space was developed for custom automotive research and development. Finding a replacement tenant with similar needs and low tenant improvement dollars was difficult given the general economy at the time. Attempting to convert the building to a multi-tenant facility was cost-prohibitive thus making the prospective tenant pool that much smaller.
Solutions: Mass market the property to automotive suppliers, engineers, and other affiliates who had a need to be in close proximity to Chrysler’s World Headquarters which is within one mile of the subject property. We also focused on the promoting the specific automotive-related features of the property such as abundant parking, hydraulic lifts, and a research and development lab with custom exhaust and HVAC equipment.
Results: As the general economy improved and Chrysler emerged from bankruptcy, their Street and Racing Technology (“SRT”) division had a need for this type of facility that was unavailable at their World Headquarters campus. A 5-year lease was executed and the building is 100% occupied by the SRT division.