Legacy asset which has been occupied by AT&T and its subsidiaries for over 50 years.
At acquisition, the property had approximately 4 years of term remaining on the lease.
$8 million interior capital improvement/renovation.
THE OPPORTUNITY
Site was zoned mixed-use with a F.A.R that would allow for 200,000 SF of building GLA.
If AT&T were to vacate, the site could be redeveloped in several ways including re-purposing the office building, developing a mixed-use project with retail and multi-family, or converting the building to a self-storage facility.
THE RESULT
Upon signing a 5-year renewal with AT&T, we marketed the property for sale and closed with an international private equity investor
