Laurel Corporate Center: 2000, 4000, 6000-8000, 9000 Midlantic Drive, Mt. Laurel, NJ
Product: 600,000 sf suburban midrise office in 4 buildings
Employer: Emmes Realty Services
Challenges
- Portfolio vacancy of 17%, increased further when lease on 45,000 sf building expired
- Negative perception of NYC-based landlord in local market
Solutions
- In-person canvassing and phone calls
- Created council of larger tenants for monthly information and feedback meetings
- Broker tours, lunches, and incentives
- Increased occupancy to 95% at 15-20% above market rates, facilitating sale at 2x acquisition cost 4 years later
- For 45,000 sf building, spearheaded $2 mm renovation; designed and executed 6-phase direct mail campaign to potential full-building users, which included the ultimate tenant.