OPPORTUNITY
- A three-story office building totaling 100,985 square feet that was built in 2008
- Acquired in June 2015 with in-place occupancy of 11%
- Building required relatively few improvements to bring it to market-ready condition
BUSINESS PLAN
- Creative open-office build-out in majority of suites to maximize appeal prospective tenants
- Leverage flexibility in configuration to accommodate multiple tenants
RESULTS
- Menlo was able to increase occupancy to 92% with eight tenants at rents exceeding original underwriting
- The property was sold in June 2016
