Challenges: When management began, the Penobscot Building was in need of maintenance and operations updates.
Solutions: Friedman focused on aggressive marketing of the property and implementation of a new “show-suite” program that provided tenants the opportunity to lease improved suites on a market rate basis.
Results: During the first two years of the assignment, collaboration with Friedman’s managers and leasing resulted in over 250,000 SF of new leases. Friedman was able to successfully stabilize the building operations and reduce operating expenses. Friedman increased occupancy and completed significant capital improvements.
Once the building was performing, the owner requested that it be taken to market. After multiple offers Friedman’s investment sales team obtained an international investor and was able to negotiate on behalf of the seller and procure an all cash, best final offer with a 10 day due diligence and 5 day close.