In spite of its premier location in the Crown Center submarket, adjacent to Union Station with new streetcar stop immediately alongside the building, this 11-story office building was only 76.2% leased upon acquisition with below market in-place rent. Due to existing vacancy and near-term lease expiration for the Department of Labor (approximately 110,000 square feet), VanTrust was offered a substantial price discount, which in turn, offered significant discount to replacement cost.
VanTrust invested more than seven million dollars in capital to modernize various building improvements such as building automation systems, elevators, lobby upgrades and new landscaping in order to improve market visibility and enhanced tenant experience. As a result, the building occupancy increased to 90% and in-place rents also increased. Additionally, the Department of Labor renewed a long-term lease, increasing WALT to approximately ten years.
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