Opportunity
The Cumberland Centre Office Complex, with its chronic parking shortage, had only two-thirds occupancy when it was acquired in 2001--and half of that tenant base was in jeopardy. GlenStar went to work immediately with efforts to maximize building value to ensure tenant retention, such as the construction of a 300-car parking garage consisting of a two-story parking structure and an underground parking area. There were also numerous common-area and base-building improvements, with development costs totaling approximately $13 million.

Result
Within months of the acquisition and as a result of the planned improvements, the major existing tenant signed a 10-year renewal and expansion that totaled half the size of the complex. Additional leasing over the next 24 months brought the building's occupancy to over 90%, with an average in-place net rent of approximately $12 per square foot.

For information on space availability, please contact either David Trumpy or Bill Debb at
773-308-1030.