Case Study

40 Exchange Place 40 Exchange Place 40 Exchange Place 40 Exchange Place 40 Exchange Place 40 Exchange Place , Suite 1210 Meeting Room 40 Exchange Place , Suite 1210 Kitchen 40 Exchange Place , Suite 1210 Private Office 40 Exchange Place Suite 1210 - Seating Area 40 Exchange Place Suite 1210 - Open Area 40 Exchange Place Suite 1210 - Private Office

40 Exchange Place

Redevelopment of Distressed Commercial Property

Location
Financial District, New York, NY
Building Size
300,000 square feet
Floors
20 stories

Project
  • Distressed Property owned by the same family since 1983. Prior to Acquisition in 2014, the buildings peak vacancy rate was 26.7%.
  • Complete renovation of the building's lobby, entrance, elevators, common areas, building systems/infrastructure, as well as installation of new windows throughout and new retail storefronts on the ground floor.
  • Implemented a successful pre-built program replacing 80% of the Tenants in a three-year period.

Results
  • Upon completion of building renovations in 2017 the building’s vacancy rate dramatically lowered to 8.9%.
  • As of 4Q 2018 the Building's vacancy rate was 6%, tripling rents previously achieved and increasing NOI by 217%.



Before And After

Location

Map for 40 Exchange Place

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