After an unsuccessful attempt to sell in 2016, KingSett approached Colonnade BridgePort to develop a new asset strategy, including implementation plan, which would allow them to achieve their exit value threshold over time.
After being awarded the mandate in 2017, a repositioning strategy was implemented to equalize the distribution between private and public sector tenants as well as to increase revenue from existing tenancies by completing both building and individual tenant improvements. Utilizing a team approach the strategy was executed seamlessly resulting in 100,000 sf of new tenant needs matched to the property’s offering as well as a number of renewals at higher rates. As a result of delivering on their promises, KingSett subsequently awarded Colonnade BridgePort the management of 3 additional office properties in Ottawa totaling 469,610 sf.
Value Drivers
- Building improvements including elevator lobbies, ground floor lobby, general aesthetics
- Improved tenant mix and higher rents
- Updated public sector space
- Improved presence and perception in the marketplace
- On transit with walkable LRT access
- Professional management