Overview
In 2014, Bamboo Equity Partners, a commercial real estate investment group, acquired 2458 Old Dorsett Road and retained Intelica CRE as a broker to increase the occupancy rate and net operating income of the property. Intelica initiated a conventional marketing campaign, yielding a 35%-increase in occupancy and paving the way for Bamboo to complete a full cycle investment deal for one of the boutique firm’s first significant office acquisitions.
Challenge
2458 Old Dorsett Road enjoyed 90% occupancy before the recession hit in 2009. Although a Class A property with highway I-270 visibility and easy access to popular amenities, including nearby Westport Plaza, the property managers struggled to attract tenants. Intelica’s market analysis determined that many office tenants in surrounding areas were limiting their search within parameters that excluded buildings North of Westport, including 2458 Old Dorsett Road.
Solutions
To address this challenge, Intelica’s direct marketing campaign—in-person meetings, cold calls, “knocking on doors”—presented potential tenants with the opportunity to upgrade from a Class B office to a Class A office at an equable cost, without sacrificing any of their criteria. The outreach engaged tenants to expand their search parameters and consider 2458 Old Dorsett as a viable alternative within the competitive Westport sub-market. As a result, the property is now home to several high-caliber tenants, including Coldwell Banker as the anchor tenant, McClane Transportation, Gateway Underwriters, Central Methodist University and Realogy, a publicly-traded real estate firm.
Under Intelica’s leadership and property management, 2458 Old Dorsett Road has returned to its pre-recession occupancy rate of 95%.