Client’s family purchased the downtown three-story red brick colonial office building (12,500 SF) in 1985 to house their law firm. The attraction to the property was its close proximity to the Broward County courthouse (walking distance).
Last year the Client contacted JRL to discuss how he could best utilize the vacant space on the first and third floors. Since 1987 the third floor was used to store old files and miscellaneous personal items. The first floor was utilized by an affiliate law firm to handle foreclosure defense cases during the last recession.
We carefully evaluated the local demand for office space and determined that the market demonstrated a surplus of legal practices where the attorneys required one or two offices for their firms.
JRL put together a project plan defining the scope of required renovations to the property with the goal of making an older building more attractive to prospective tenants.
Through aggressive marketing efforts, five new leases were signed within a few months and the third floor is 100% leased.