Property Type: Class A Suburban Office Tower with Parking Deck

Address: 3030 Lyndon B Johnson Fwy, Dallas,TX
Size: 369,000 SF
Acquisition Date: 12/2012
Disposition Date: 11/2015
Projected Return Multiple: 2.1x
Occupancy – Going In: 77%
Occupancy – Current: 75%

Total Cap Ex: $2.9M

Business Plan
Work with lender to delay foreclosure and secure a long term renewal with building’s largest tenant, Club Corp. Complete a major renovation of building’s common areas, including lobby, elevator banks, corridors, restrooms, parking deck, landscaping and building’s major MEP systems. Execute a comprehensive marketing campaign to reintroduce the asset to the market, eliminate the negative stigma created by prior ownership, backfill pending tenant vacates and attract positive leasing absorption.

Results
Due to a convincing property repositioning pitch, successfully renewed building’s largest tenant. While enduring the initial scheduled loss of significant existing tenancy, following the completion of an effective comprehensive renovation of all common areas, attracted enough new leasing velocity to almost get back to the going-in occupancy rate. Disposed asset more than 2 years early at a multiple that exceeded owner expectations. 

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