When ownership engaged us to lease the second floor at 100 Superior, the office market was experiencing a downturn. The landlord had previously worked with another listing broker but had been unable to secure any leases. The 28,000-square-foot space was largely open, designed for a single tenant, and did not align with the needs of most businesses searching for space at the time. Recognizing this challenge, we advised ownership that repositioning the space would be key to attracting tenants.

Leveraging our market experience and knowledge of tenant demand, we partnered with OZ Architecture to create flexible floor plan options. A new common hallway was introduced, allowing for a variety of suite sizes to appeal to a broader tenant base. These updates, along with refreshed marketing materials showcasing the new configurations, led to a significant increase in showing activity. Within a year, we secured multiple long-term leases, bringing the second floor—and ultimately the entire building—back to full occupancy.

With the leasing stabilized, ownership saw an opportunity to sell. We conducted an in-depth financial analysis, cap rate study, and market comparison to determine the building’s highest achievable price. Our marketing package presented detailed financials, lease information, and key property highlights to attract serious buyers. Using our extensive network of investors and brokers, we identified a motivated 1031 exchange buyer.

During negotiations, challenges arose, including title and loan issues, as well as concerns uncovered in due diligence. However, through proactive communication and strategic problem-solving, we worked through each hurdle to keep the transaction on track. The deal successfully closed at $13,150,000, exceeding ownership’s expectations and demonstrating how a targeted leasing strategy can enhance a property’s long-term value and marketability.