40 Exchange Place
Redevelopment of Distressed Commercial Property
Financial District, New York, NY
300,000 square feet
- Distressed Property owned by the same family since 1983. Prior to Acquisition in 2014, the buildings peak vacancy rate was 26.7%.
- Complete renovation of the building's lobby, entrance, elevators, common areas, building systems/infrastructure, as well as installation of new windows throughout and new retail storefronts on the ground floor.
- Implemented a successful pre-built program replacing 80% of the Tenants in a three-year period.
- Upon completion of building renovations in 2017 the building’s vacancy rate dramatically lowered to 8.9%.
- As of 4Q 2018 the Building's vacancy rate was 6%, tripling rents previously achieved and increasing NOI by 217%.