Seizing the Moment
Tishman Real Estate Services started working with the owner of 275 Seventh Avenue, the asset was tired and commoditized. The tenant mix included banks, lawyers, health services, architects and others. Located further West on 7th Avenue, the 600,000 square foot office building sat on the fringe of the existing Midtown South market.
Over the course of next four years, Tishman transformed the asset into a Class A “TAMI Friendly” building by overseeing all decisions and providing specialty services to maximize the property’s future cash flow Tishman’s strategic plan focused on:
- Building a new lobby, including security, commensurate with Class A office
- Creating a separate medical entrance off 26th Street with two dedicated elevators to service floors 2-5
- Removing retail awnings and created new signage standard for all retail tenants
- Replacing key building personnel including the property manager and leasing team
- Working with the leasing team to develop and implement a new prebuilt and overall leasing program to target TAMI tenants, leasing over 150,000 square feet to date
- Hiring a team of architects, engineers, expediters, and construction managers to oversee all physical work at the building.
As the building transformed, rents moved up dramatically, net operating income increased 108% and occupancy hit 98%.