Challenge

Citicorp Real Estate, Inc. received the responsibility of a 200,000 SF office because of a non-performing loan in a very soft office market. The project was 50% vacant when Citicorp took control of the institutional grade property. After interviewing brokerage firms, The Andover Company, Inc. was selected to market this office portfolio in a depressed real estate market.

 

Strategy

We developed a thorough understanding of Citicorp’s goals for the property by listening intently and discussing the reality of a tough of slice market! Our strategy was to form a very responsive team which included Andover’s recommendation regarding architects, contractors, and property managers. Formation of a responsive and real estate driven team enabled us to respond to our customers and outperform our competition. We even recommended changing a pumpkin-colored project to a more attractive blue, white, and gray color scheme. The activity on this newly painted project increased immediately.

 

Results

We achieved 100% occupancy on this suburban office project with institutional credit companies such as Unisource, Philip Environmental, and C.C.H. This project became one of the few office projects which was completely full and subsequently it enabled Citicorp Real Estate to sell the project in a market place that had few office building sales occurring.