Copeland Tower and Stadium Place is a two-building, Class A office portfolio, totaling 210,818 rentable square feet in Arlington, TX.
From 2013 through 2014, the portfolio suffered from stagnant leasing activity, low tenant retention, and occupancy hovered around 71.00%.
Aque Investment Group engaged Bradford Commercial Real Estate Services in Q1 2015 to lease the two-building portfolio with the goal of re-branding the marketing campaign and creating an identity for the project as the most desirable office location in Arlington’s Entertainment District.
The Solution
Based on leasing experience in the immediate area, the Bradford leasing team was extremely well versed in the Arlington submarket and understood current tenant demand.
The Bradford team re-branded the marketing campaign, giving the project a new identity and fresh presence amongst its immediate competition, and ensuring all market brokers and prospective tenants were aware of current availability
Successfully lobbied ownership to undertake a capital improvement campaign, which included updates to building lobbies/ and common areas, to improve the overall appearance of the project.
Implemented an aggressive prospecting campaign, with a “boots on the ground” mentality, which included canvassing/cold calling tenants in competing properties within the submarket.
The Results
Within 60 days of taking over the assignment, Bradford successfully negotiated over 12,635 square feet in new lease transactions, increasing occupancy to 77.00%.
Within twelve (12) months from inception of the assignment, Bradford:
Increased occupancy from 71.00% to 87.00%
Executed 40,907 square feet of new lease transactions
Executed 13,256 square feet of renewal/expansion transactions, with 100% tenant retention
Increased quoted rental rates from $15.50 PSF+E to $18.00 PSF+E
Within twenty-four (24) months from inception of the assignment, Bradford:
Increased occupancy to 92.00%
Executed 51,363 square feet of new lease transactions
Executed 53,514 square feet of renewal/expansion transactions, with 100% tenant retention
