The Challenge

Executive Headquarters for First Data Resources for over twenty years, 108 Corporate Place faced its first vacancy since it was built. Built in the early eighties for a single tenant, the four-story building would go from 100% occupied to 100% vacant with few prospects for full building users. The building’s interior and exterior were worn, dated, and virtually ADA non-compliant. Situated in the Old Mill Office Park among several buildings with countless large blocks of vacant space, 108 Corporate Place had to overcome substantial obstacles to be competitive.

The Solution

CB Richard Ellis|MEGA put together the team with the experience to reposition, renovate, and lease-up office buildings. The team worked closely with ownership to develop a plan to reposition the building to accommodate either a single tenant or to convert it to a multi-tenant office building.

The common areas on all floors and the four-story atrium were renovated with Class A finishes while leaving the ability to add corridors in the event any floors needed to accommodate more than one tenant. The restrooms were gutted and rebuilt to comply with ADA standards.  

Within 90 days of First Data’s departure, a new lease was signed with a CBRE|MEGA Corporate Services client, TD Ameritrade, for the entire building, common area renovations were complete, and the building was turned over to tenant to begin the demolition of the office space, installation of a fire sprinkler system throughout the building, construction of their improvements including a fitness center and their command center. Concurrently with tenant’s contractors, CBRE|MEGA coordinated the removal and replacement of a new roof and a new parking lot as well as additional common area upgrades.

Results

TD Ameritrade met their occupancy target date and moved their Thinktech Group into a state of the art facility at 108 Corporate Place. 

Ownership has a completely renovated building inside and out, a top credit tenant, and experienced only eight months of vacancy.