Transforming an office center at risk
FORT LAUDERDALE CROWN CENTER
Opportunity:
This 430,000 square foot campus office park had the look of neglect at the time Midgard purchased it. Vacancy was at 35% with another 35% of tenants at risk of leaving. Tenant relations were suffering and much deferred maintenance was needed to improve the desirability of the property.
Revisioning:
Renovate the campus and developing sustainable relationships with tenants. The first priority was to retain the one key employee who had a long history with the property and could provide continuity with the tenants. As Midgard rolled out its comprehensive renovation plan to overhaul the campus, property management upgraded the landscaping and signage and negotiated more advantageous contracts with better quality vendors. It implemented an aggressive tenant relations plan targeted at changing the hearts and minds of disgruntled tenants.
Result:
Midgard transformed this neglected center into a successful campus. We have sustained the property at its maximum level of performance and achieved a 92% tenant satisfaction level and a 93% occupancy, generating better-than-expected cash flow year after year.
