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.