Two years ago, 1500 Spring Garden was converted into a carrier hotel for telecommunication providers. After a downturn in the telecommunications industry, 1500 Spring Garden owner’s Amerimar Enterprises Inc. asked CBRE to transform the building into office space and become the exclusive leasing agent for the building.
CBRE recommended that Elsevier look for potential relocation sites. The limited supply of contiguous blocks of quality space made competition for suitable space intense.
In the beginning of 2010, 2000 Market Street had an availability rate of 46%. The goal was to not only raise the occupancy level to above 90%, but to improve the building’s atmosphere and functionality so that obtaining the highest rental rates in the submarket was feasible. The imminent challenge they faced: leasing space in an unstable market with weak leasing activity and velocity.