Commercial Real Estate & Management
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Challenging times, creative solutions.
Making a building they paid too much for pay off: 235 East Ponce de Leon Avenue
Situation: The foreign investors who purchased this property paid more than three times what it was worth. When this office building did not perform to their expectations, The Brun Company was brought in as the new leasing and management company. Building maintenance had been neglected and there were serious problems with the roof, heating and air conditioning systems.
Solution: Based on the recommendations of The Brun Company and the investors' U.S. asset managers, the building was placed on the market with The Brun Company as the listing sales broker. The building sold eleven months later and the new owners retained The Brun Company as their management and leasing agent. Working closely with the new owners, The Brun Company initiated major renovations to the interior and exterior of the building. Repairs were made to the roof and heating and air conditioning systems. The renovations allowed careful increases in rent for existing tenants and attracted new tenants. Occupancy increased from 65 percent at the time of the building's sale to 85 percent six months later.
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