Aligning with a client’s goal to optimize a property’s financial performance and prepare it for disposition is a key component of Colonnade BridgePort’s extensive real estate service offering.
Brought on to manage and lease 400 Cumberland St. by the owner in 2017, the asset was at risk of losing its major federal government tenancy that occupies 98 percent of the building. Through four years of active property management and leasing discussions, Colonnade BridgePort was able to fulfill the tenants re-signing requirements – including leading capital improvement projects to ensure the space fit their needs, and earning LEED-Gold certification for the property – resulting in an extension of the lease that exceeded the owner’s expected term and budgeted rates.
For the tenant, Colonnade BridgePort was able to address the needs for their space and illustrate the value of the location for their long-term use.
For the owner, the successful negotiation helped to maximize the value of the property, offering a stable investment for potential buyers, and resulting in a quick sale. (See RENX article detailing the sale.)
The property also contains 3,375 sq.ft. of retail space on the ground floor, occupied by the Happy Goat Coffee Company – a good covenant tenant currently secured in a long-term lease.
Earned LEED-Gold certification
Capital improvements to meet client needs
Lease negotiation exceeded term and rate expectations
Successfully positioned property for sale
Asset Type: Class B Office with Retail
Office Space SF: 170,975
Retail Space SF: 3,375
Services Provided: Property Management, Leasing, Construction Management