CHALLENGE
Northwestern Mutual Life's suburban office portfolio of 100,000 square feet in Renton, Washington became available within one year of Boeing's notification to vacate their project. The office market was depressed with a 25% vacancy level in the South King County Office Market. Northwestern, an experienced and savvy real estate owner, was faced with the challenge of re-tenanting a four (4) building complex in a deteriorating market.
STRATEGY
The Andover Company, a 12 year client of Northwestern, gave 110% effort in marketing this valuable asset. We determined the project required a creative and inventive marketing effort to procure growing, credit-worthy corporate tenants. Our plan was to target market companies that were growing in our weak economy that this project's strengths would appeal to. Additionally, we made the commitment to respond to all prospective clients in a timely and prompt fashion thereby differentiating ourselves from other Landlord's who were taking a more passive and cautious approach.
RESULTS
Within a one-year period we met our goal of 100% occupancy to credit worthy companies such as Philip Environmental, U.S. Bancorp and Eagle Hardware & Garden. Our intensive marketing efforts procured long-term tenants in a weak marketplace.
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