Located in Silicon Valley, Montague Corporate Center is a 257,000 square foot four-building office project acquired in May 2011
Property was acquired 77% leased to four tenants with staggered lease maturities at rental rates that were significantly below market
BUSINESS PLAN
Renovate the interior and exterior of the vacant 53,000 square foot building
Upgrade landscaping and signage throughout the park
RESULTS
Following the renovation of the vacant 53,000 square foot building, the building was leased to a credit tenant for more than 10 years at a starting rental rate 35% above pro forma
Renewed an existing park tenant at a rate 125% higher than its in place rent at the time of acquisition
After recognizing substantial appreciation in market rents and investor demand for this product type, Montague Corporate Center was sold at a premium in December 2015
