Repositioned As Premier Office Park in South Florida

SITUATION

• Office park was perceived as dated and lacked amenities.
• 25% vacancy and large tenants were rolling over the next 12 to 24 months.

STRATEGY

• Recommended strategic renovations of the common areas and new amenities that were approved and implemented.
• Repositioned as the premier office park in South Florida.
• Launched customized branding, marketing and leasing program; identified and solicited credit tenants with leases expiring in 12-24 months and retained the key tenants that were expiring.

RESULTS

• Secured more than 160,000 square feet of leases over an 18-month span while increasing rents by 11%.
• Successfully launched a spec suite program and leased within a few months at top market rents.
• To date, Royal Palm continues to lead the market and has maintained over 90% occupancy since Blanca team launched new leasing program in 2015.