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Suburban Office / Retail Suites

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Case Studies
Suburban Office / Retail Suites

Project Overview

After taking back this new construction building from an owner that could no longer meet his debt obligations, Bridgeview Bank hired 33 Management to completely overhaul operations and restore the building to positive NOI. 33 placed a full-time on-site manager, renegotiated all building service contracts, created leasing plans to compete against Regus and implemented a charge-back programs to boost other income.

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Project Outcome

Occupancy at the building was increased from 61% to 81% over 33’s 3-year management assignment, operating expense load was brought down by 25%, tenant satisfaction soared improving average lease terms to over 1.5 years and Bridgeview awarded 33’s brokerage team the listing which was sold in February of 2015.

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