A major tenant in the historical Paris building vacated, leaving the building in disrepair and 100% unoccupied. The building was sold, with the plan to reposition the asset and lease up the property.
Our approach to building value for this specific asset included:
We re-branded the building and a major Government tenant was initially landed. The remainder of the building was leased to other government programs and third party tenants. NewWest oversaw all capital improvement projects and the Landlord and tenant fit-ups for the new tenants. Subsequently, the building has sold twice for significant capital gains and McCor has retained the management throughout.