Current Case Study: Corporate Point at Las Colinas

CORPORATE POINT AT LAS COLINAS, IRVING, TX

Purchase Date: June, 2006 Size: 223,498 sq ft Type: Class B Office

OVERVIEW

	Low acquisition cost, estimated to be 25% of replacement cost
	Seller was the Real Estate Owned department of a bank that had foreclosed
	100% vacant at acquisition; strong leasing activity in submarket
	Value-added strategy – improve condition, appearance, leasing and operations
	Invested $4.5 million in capital improvements to improve appearance, operating performance
	Make available up to $6 million in tenant improvement allowances, leasing commissions
	Rebrand the property in the marketplace (including re-naming to Corporate Point)
	New marketing program to inform brokers and prospective tenants of new ownership, capital improvements, tenant improvement allowances

RESULTS

Leased space has increased from 0% to approximately 50% within 6 months after renovations.

BEFORE		AFTER
Old planters, iron railings and floor tiles are very unattractive		New granite flooring dramatically improves main lobby
BEFORE		AFTER
Empty planters around floor railings give the building a neglected look		Planters are replaced with new carpet for a more attractive look
BEFORE		AFTER
The hard, geometric pattern of the ceiling looked dated		Hard lid, wood finishes and new lighting gives a clean, modern look
BEFORE		AFTER
Dark colors and lack of light in the hallway		Brighter colors on the floor, walls and railings; new lighting
BEFORE		AFTER
Elevator entries were outdated and dimly lit		Reconstructed elevator entries make better use of lighting and are given an overhaul.