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.
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