200,000 SF Office and Retail Building Philadelphia, PA

A commercial office building near the Philadelphia historic district became the property of a financial institution. The building was experiencing urgent roof, HVAC, ACM, and management problems, and many tenants were planning to move. The financial institution turned to senior AthenianRazak staff members, who were at that time at a predecessor firm. The team stabilized management, solved extensive building problems, and designed and bid a new HVAC system. It refinished the common areas and initiated a comprehensive leasing program.

By installing several new tenants, the team established leasing momentum in a difficult market. The team provided on-time and on-budget build-outs. With the building rent roll stabilized and key structural problems solved or quantified, the team facilitated the sale of the property at a price above its book value.