In 2008, an investment group that included principals of the Melvin Mark Companies purchased the Water Tower building, a 115,000-square-foot John’s Landing landmark. Melvin Mark took on 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 tenants suitable for the building.
The team’s action plan stabilized the building roster, kept long-term tenants happy with the refurbished property, and attracted interest from a range of office and retail users. During Melvin Mark’s management, the Water Tower enjoyed occupancy rates of 95 percent or better, along with market-leading rents for the Macadam corridor. The property was sold in 2018 to an investment partnership.