Somerset Properties restructured several tenant leases to right-size their space and extend their term, which helped to stabilize the property.
Somerset Properties then undertook a $20 million dollar redevelopment plan that included demolishing obsolete warehouse space to create modern, open-plan office spaces with a new window line and new common area amenities, including Wi Fi lounges and landscaped recreation areas designed to appeal to a millennial workforce.
With a reconfigured layout that offers large, open floor plans, abundant natural light, a 6/1,000 parking ratio, full service cafeteria, fitness center, Starbuck’s coffee shop, and shared conference facilities, the property has a Town Center feel unlike anything else in the market.
Reaction to the redevelopment has been overwhelmingly positive and Somerset Properties has completed 190,000 SF of new leasing. The property has been transformed into a dynamic, high-performing, market leader.
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