Thousand Oaks Business Center
Memphis, Tennessee
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When CBRE Memphis took the Thousand Oaks project in mid-2002, occupancy was under twenty-five percent (25%) and falling.Tenants were worried about crime, and leasing activity had stagnated. The landlord needed someone to come in to stabilize the project and virtually reinvent its identity.
In our initial discussions with the ownership, we painted a clear picture of our perception of the park and what we believed needed to be done to turn it around. We had to identify the ownership's ultimate goal and assess their understanding of the asset in order to determine if they had the motivation and desire to undertake the repositioning of the property. We determined that they did. |
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Immediately, the landlord committed to securing the property with a fence and a controlled access system as well as a major renovation of the common areas of Building I. We had a virtual tour created on a CD-Rom that incorporated all the improvements in a real-time visual journey. Our leasing team visited all of the primary real estate firms in town and the most active tenant representation brokers in the area, explaining our vision and familiarizing them with the changes that were taking place.
Prospects became tenants, thus validating the vision we were creating. Over 130,000 square feet of leasing took place in the first twenty-four (24) months. New tenants include Clear Channel Broadcasting, LEDIC Management, Fed Ex Trade Networks, Sedgwick CMS, Strayer University, HYC Logistics, and Xerox. All improvements are now complete, and many of our past prospects have become long-term tenants and advocates for the park. Overall, the CBRE Leasing Team has enjoyed finding solutions to the unique challenges that Thousand Oaks presented. |
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