In early 2007, Melvin Mark Brokerage Company assumed management and leasing responsibilities for the 48,000 square foot historic Haseltine Building. With an occupancy rate of just 73 percent, the challenge was to maximize the building’s value while increasing tenant satisfaction and retention.
A thorough assessment and analysis of the Haseltine’s internal workings was completed. The brokerage team toured all vacant spaces and generated a comprehensive list of necessary corrective items. The Melvin Mark team also met with existing tenants to determine their level of satisfaction, discuss current and future space requirements, and not only identify problems, but create solutions. From this, an extensive program was put into place to address maintenance, improve the building’s energy efficiency, and increase tenant satisfaction. By the end of the first year, occupancy was at 91 percent and the recommended improvements saw an increase in net income for the building owner by more than 75 percent over initial projections.
In 2012, the family law firm of Gevurtz Menashe purchased the historic Fleischner-Mayer Building, along with an adjoining parking lot, in Portland’s Old Town/Chinatown district. Once Melvin Mark brokers Peter Andrews and Nick Ehlen helped Gevurtz Menashe complete the transaction, the legal firm moved their entire staff into the top two floors of the 38,000 square foot building. Melvin Mark handles property management duties for the new building owners, while Peter and Nick continue to co-market the remaining space to prospective tenants.
The Water Tower
In 2008, a local investment group that includes principals of the Melvin Mark Companies purchased the Water Tower building, an 115,000 sf John’s Landing landmark. Built in 1903, the former furniture-manufacturing warehouse had been completely renovated for office and retail users. Melvin Mark was assigned the property management and leasing duties – and faced its first challenge as the pressures of the recession turned over nearly 70 percent of the tenant base.
Melvin Mark quickly addressed the tenant stability problem and developed a plan for restoring the Water Tower’s reputation in the market. The solution involved a strong tenant retention effort, excellent customer service from property management, additional amenities, and development of a strategic pipeline of quality office and retail tenants suitable for the building.
With the building roster stabilized, and long-term tenants happy with the refurbished property, Melvin Mark attracted renewed interest from a range of office users. In each of the last several years, the Water Tower has enjoyed occupancy rates of 95 percent or better, along with market-leading rents for the Macadam corridor.