Takeover Management

Description

  • 500 5th Avenue, Manhattan, NY
  • Office
  • 645,753 square feet

Assignment

  • Create five-year capital plan to address deferred maintenance and obsolescent physical and financial items
  • Develop new leasing and marketing plan to enhance tenancy and increase revenue
  • Re-measure building square footage
  • Analyze potential expense reductions

Result

  • Completed $3 million lobby renovation
  • Systematically upgraded rent roll with higher credit tenants, increasing rental rates by $13.50 psf and rental revenue by over 40%
  • Improved retail tenant mix through location-specific leasing strategy, increasing base rent by over $2 million
  • Increased total building square footage by more than 5% through re-measurement
  • Reduced insurance costs by 50%
  • Automated and organized client reporting and tax preparation
  • Added nearly $50 million in overall value to asset