625 Market Street is a category 1 historic landmark. It’s 71,141 square foot 15-story downtown office building at the corner of Market Street and New Montgomery Street. The property was purchased with under market rents and significant deferred maintenance issues. This building was also leed certified 2017.
Strategy & Results
To maintain cash flow and high occupancy while completing approximately $3,000,000 of capital improvements in the first 3 years of managing the property. Tenant satisfaction was critical during the construction process. A significant amount of time and effort went into maintaining positive tenant relations. Work completed included full retrofit and renovation of the 4 elevators located in the building replaced mechanical systems and installed seven floors of tenant improvements. In addition, the energy management system and building security systems were fully upgraded.
The building maintained an 89% occupancy rate over the 3 year period and generating above proforma rental rates. In addition, the building experienced a reduction in the operating expense. The property has generated income for the owner that has exceeded their expectations.