Park Center Plaza, LP

The investment group led by Joseph Greenberg and Brad Coven purchased the 420,000 sq. ft. three building, class “A” suburban office park in January of 2017. We were initially attracted to these buildings because of their excellent location and impressive tenant rosters, with mainly Fortune 500-type credit ratings. The properties had been well-maintained and were well-occupied, at nearly 88% prior to our acquisition.

Within a year and half of owning the park, we had increased occupancy to close to 99%, had renewed and expanded one of the largest tenants for an additional 15 years, and had negotiated a lease termination with a large credit tenant who paid a significant lease termination penalty. We then backfilled this space with a Fortune 100 company which expanded the space and signed a 10+ year lease. Today the park is stable and positioned very well for future real estate cycles.