Saturday, Sep. 8th, 2018

Case Study: Increased Occupancy, Rent and Renewals

Ross Tower is a 1.1 million square foot class A office building in Dallas CBD. With HPI, Ross Tower renewed 93% of rolling tenants while increasing their rents by +/- $10/SF and converting them to NNN.

Case Study: Increased Occupancy, Rent and Renewals

The Opportunity: Empty Building with Low Rent Potential

An HPI led partnership acquired the 1.1MM SF Ross Tower in late 2015. At purchase, the building was 48%leased and achieving rents in the $13/SF NNN range.

Case Study: Increased Occupancy, Rent and Renewals

The Solution: Revitalize, Renovate, Remarket

HPI spearheaded a successful $20,000,000 cosmetic and back-of-house renovation within budget, all while maintaining superior tenant feedback and extremely high retention rate even with materially rising rents. Scope of management includes a full service Starbucks, 11,000 SF corporate dining facility, operating three parking garages, 24×7 security and bringing weekly amenities and programming to the building that provides best-in-class experience to all tenants and visitors. After the renovations HPI put together an aggressive repositioning/marketing campaign to increase awareness and leasings.

Increase in Leased Space: 25%
NNN Increase: $7/SF

Authors:

Hunter M. Lee
Hunter M. Lee
Partner, Senior Executive Managing Director
(214) 954-3304
hlee@hpitx.com
Ben Cuzen
Ben Cuzen
Executive Managing Director
(972) 850-2714
bcuzen@hpitx.com
Luke Aviles
Luke Aviles
Director
(972) 850-2715
laviles@hpitx.com
Close
Hunter M. Lee
Partner, Senior Executive Managing Director
Linkedin

As the Dallas Partner, Hunter is responsible for overseeing Dallas’ day-to-day operations and business developments including property acquisition, development, and operations, with a focus on office and industrial assets. Hunter joined HPI in July of 2015 and has been responsible for overseeing HPI’s office leasing and management services in Dallas since then, and has also been involved in sourcing office investments in the DFW Metroplex. Since the inception of the Dallas office, Hunter has been instrumental in HPI’s growth from 3 employees to almost 70 employees as of October 2022. He is an active member of Watermark Community Church, and is a steering committee member of The Real Estate Council’s Programs Committee.  Prior to joining HPI, Hunter was with CBRE for over five years. Hunter was born and raised in Canyon, Texas before attending Baylor University. He resides in central Dallas with his wife Tayler, their son Meyer and their daughter Sloan.

Location
Dallas
8343 Douglas Ave, Suite 150
Dallas , Texas 75225
MAIN: (214) 954-3304
Close
Ben Cuzen
Executive Managing Director
Linkedin

Ben joined HPI’s Dallas leasing team in 2018. With a sole focus on office assets, Ben serves as Vice President for HPI’s Dallas portfolio and third party clients, ranging from institutional investors to local property owners. Prior to joining HPI, Ben played professional golf in the United States and South Africa, where he is originally from. Ben is actively involved in the community, serves on the board of Viola’s House and is a member of TREC and NTCAR organizations. Ben graduated with a BBA Finance degree from Henderson State University where he earned a golf scholarship. He resides in Dallas with his wife Megan, and their son Max.

Location
Dallas
8343 Douglas Ave, Suite 150
Dallas , Texas 75225
MAIN: (972) 850-2714
Close
Luke Aviles
Director
Linkedin

Luke joined HPI’s Dallas leasing team in 2018. With a sole focus on office assets, he serves as Director for HPI’s Dallas portfolio and third-party clients. Prior to joining HPI, Luke worked at Dimensional Fund Advisors where he produced performance attribution analyses to support sales activities for the Regional Director of Texas. Luke uses his finance background and market intelligence to provide value for clients, ranging from institutional investors to local owners. Luke was born and raised in Austin, Texas before graduating from TCU with a degree in Finance. Luke resides in Dallas with his wife Kate and is an active member of TREC, NTCAR, YPO Next Generation and Touchdown Club.

Location
Dallas
8343 Douglas Ave, Suite 150
Dallas , TX 75225
MAIN: (972) 850-2715