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MBRE
started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started we’re just getting started.
With all
the success we have already achieved...
At the inception of MBRE’s involvement, Citigroup Center presented an intriguing opportunity to reposition a 40-story mixed use property located adjacent to Ogilvie Transportation Center. The 1.5-million square foot property features 90,000 RSF of retail and easements throughout to accommodate the 125,000 daily rail commuters passing through the building. MBRE successfully led a $14.2 million renovation and repositioning project that addressed the first three public levels, extensive security upgrades, recep-
Before Renovation
tion lobby, multi-tenant corridors, washroom upgrades, and elevator cab refurbishment and brought the leased status of the building from 60% to 93.4%. • MBRE led a team of design consultants to clarity wayfinding and a fresh sense of entry to the first two retail levels, atrium and third floor office tower lobby.
Before Renovation
• MBRE created a new revenue stream through 3rd party advertising within the property to capitalize on the commuter traffic. This new source of income funded the $14.2 Million capital investment necessary for the redevelopment. • The redevelopment was coupled with an aggressive marketing campaign to elevate the perception of the building to potential tenants. This multi-
After Renovation
pronged marketing campaign utilized print, electronic and radio advertisements and broker events. • Preparation and speculative design helped showcase the large floors ranging 31,200 to 48,500 RSF. • The significant infrastructure capacity accommodated varied tenant demands for 24/7 power and cooling. • MBRE completed over 1.48 million square feet of leasing with such notable
After Renovation
transactions including: Citibank (152,000 RSF); Orbitz Worldwide (141,000 RSF); U.S. Department of Education (85,000 RSF); McAndrews Held & Malloy (75,000 RSF); AIG (75,000 RSF); Acquity/Accenture (65,000 RSF); W.W. Grainger (58,000 RSF); Oppenheimer (42,000 RSF); RBC Dain Rauscher (40,000 RSF); Navteq (37,000 RSF); Lincoln International (35,000 RSF); Performance Trust (31,000 RSF) • Increased occupancy from 60% to 93.4% compared to peer group (West Loop Class A) 86.5% leased (2nd Qtr 2013).
After Renovation
WE’re
just getting started...
Amenity Focus When investing in additional amenities in the building, it is crucial to understand the tenants’ needs. MBRE has created a diverse and valuable tenant mix and at a 93.4% occupancy rate, retention of the existing tenants is crucial in driving rental rates and ultimately asset value. The information generated from this tenant interaction will identify new building amenities that will support their business and inspire loyalty to Citigroup Center. Elevate Entry Experience Address arrival and entry sequence through repaving, streetscaping and lighting or through public-private redevelopment of north underpass and public art program. Tenants and their guests should derive a sense of quality from the entry experience into the office tower that rises above. White Table Cloth Dining Introduce white tablecloth dining option for tenants’ business meetings and client entertainment. Fitness Facility State-of-the-Art fitness center will complement the newly expanded secure bike rooms and shower facilities. Tenant Lounge / Conference Room Area Rework west side of existing 3rd floor conference center/office of the building/tenant space to capitalize on lobby level access and provide alternative meeting facilities. The conference center should be a forward thinking combination of a tenant lounge and collaborative meeting space offering tenants the ability for co-working, group sessions, or out of office social events. Weather Protected Taxicab Queuing Area Placed on Madison Avenue and/or Canal Street Advanced Technology and Communication Distributed Antennae System (DAS) can enhance tenants’ increasing needs for access to range of cellular frequencies and technologies. Green Roof Top Consider greening of the existing roof top on west side as part of reconfiguration of the 3rd floor tenant lounge area or capitalize on existing air rights over the train shed. Green roofs represent opportunities for significant social, economic and environmental benefits.
thank you for taking the time to get to know us and understand our plan.
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