The Brown-Noltemeyer office portfolio consists of seven office buildings in the East End.  Brown-Noltemeyer approached Colliers Harry K. Moore in 2001 with the problems of increased vacancy, due to poor tenant retention and the inability to re-lease vacant space.  Brown-Noltemeyer had previously worked with a real estate company that was primarily focused on retail properties.  As such, most real estate companies did not think of the Brown-Noltemeyer properties when searching for office space on behalf of tenants.  The Owners had not leased space to a new tenant in more than a year.

Challenges

Lease major vacancies in office buildings during a down real estate market cycle

Services

Identify an aggressive rental rate structure that would be both sensitive to prospective tenant needs during a sluggish economy, while also satisfying Brown-Noltemeyer cash flow objectives.

Aggressively market and increase the awareness of all Brown-Noltemeyer buildings.

Assist the owners and property managers in identifying key building issues and market perceptions from both prospective and current tenants.

Results

Because of  Colliers Harry K. Moore's activity in the market, we were able to efficiently act as the Owner’s “eyes and ears” and were able to act quickly upon learning of a pending office relocation.

Colliers Harry K. Moore has successfully re-leased all of Brown-Noltemeyer’s major vacancies.

Colliers Harry K. Moore has increased cooperating broker awareness of the Brown-Noltemeyer office buildings and continues to receive steady broker inquiries.

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