Challenges: Wilshire Plaza is comprised of two (2) class A office buildings in the I-75/ Crooks Road corridor that have been managed and leased by Friedman since 1999. By 2009 the Troy submarket was weakening as a rash of consolidations, relocations and closures were adding up and occupancy levels were poised to drop even further. The buildings faced strong competition from Class A landlords who had been forced to become very aggressive to both retain existing tenants and make new deals.
Solutions: Friedman designed and completed interior and exterior upgrades including parking lot resurfacing, landscape upgrades, lobby renovations, restroom renovations and internal building system restorations. A unique asset management plan focusing on daily property management operations, repositioning the buildings, increased income and a focus on tenant satisfaction was devised. Following completion, an intensive marketing campaign began with aggressive lease rates.
Results: The overall occupancy increased from 68% to 85%.