LIBERTY SQUARE | CASE STUDY
GREENVILLE, SC
Property Type: Two Class A CBD Office Towers (with City-Owned Parking Deck
Address: 55 & 75 Beattie Place, Greenville, SC
Size: 441,000 SF
Acquisition Date: 7/2013
Disposition Date: 12/2016
Projected Return Multiple: 2.1x
Occupancy – Going In: 74%
Occupancy – Current: 82%
Total Cap Ex: $3M
Business Plan
Property purchased from distressed seller. Repair extremely poor existing tenant relations through relationship building, creative lease deal restructuring and strategic capital expenditures. Reengage local brokerage community. Execute a comprehensive aesthetic renovation of all interior common areas as well as exterior landscaping and amenities. With inadequate parking in the surrounding area, create a competitive advantage by gaining exclusive control to lease city-owned parking deck positioned between both buildings. Lastly, work with restaurant retail tenant to revamp business plan to better meet target customer needs.
Results
Successfully executed the intended business plan on all fronts. Boosted rental rates, backfilled the early loss of multiple major tenants and still achieved 8% of positive absorption. Executed a comprehensive renovation on budget and secured exclusive leasing control of a contiguous city-owned parking deck which proved critical for leasing and during disposition. Asset was disposed 1.5 years early at a multiple that exceeded owner expectations.