Riverplace Tower is a 430,000 square foot iconic high-rise office building in downtown Jacksonville. It had previously been owned and operated by a high net worth family for over 20 years. Neither asset or property management were their core business and complacency
had taken over.
Once we regained control of the asset, we immediately identified an opportunity to appeal the real estate tax assessment. We successfully decreased the tax liability by $200,000 or 26%. We were also able to retroactively go back one year and receive additional credit.
With our volume purchasing, we reduced property insurance by $81,000 or 55%.
We negotiated an early termination with a subpar food vendor in the main lobby. This opened up an opportunity to attract a more
desirable full service restaurant to compliment the building. We also started a food truck program that has turned the building into a
destination and driven more people into the area.
15% Increase
(or 71,600 sq. ft.) to building’s occupancy in the first 12 months
12% Decrease
(0r $530,000) in Operating Expenses
+ We have successfully rebranded the building and created a more appealing and broker-friendly asset. With our handson
approach, we have initiated tenant events, hosted concerts and organized giveaways.
This is an example of creating value through effort and results through action.