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Case Study

The Warren Building: Collaboration drives profits for owner client

Background
The Warren Building, located at 8000 Westpark Drive in Tysons Corner, VA, is a six-story, 139,883-square-foot office building built in 1986. In June 2010, our investor client purchased the 65% leased building for $143 per square foot and hired Jones Lang LaSalle to manage and lease the remaining space.

Challenge
Large renovations and improvements were needed to bring the building up to date with the competition and attract new tenants. Between June 2010 and June 2011, JLL’s Property Management and Construction teams oversaw $850,000 of renovations including restrooms, common areas, the main lobby and second floor atrium, elevator cabs, as well as landscaping and overall curb appeal. The owner also decided to demolish and “white box” the two vacant floors in the building to make the space more attractive to potential tenants. With JLL overseeing the process, the projects were delivered on time and on budget.

Results
The upgraded building put the vacant space back in line with the competition and in just months the JLL leasing team was able to lease the two vacant floors to a GSA tenant, as well as expand an existing GSA tenant into vacant fourth floor space. Collaborated efforts of management, engineering and leasing teams helped handle a 30-day due diligence process on an unsolicited bid. In June 2011, the property was sold to PS Business Parks for $194 per square foot. The results of the building improvement garnered a $7 million profit for a one year ownership.

Contact information:

Anita Johnson
General Manager
+1 703 849 9700
anita.johnson@am.jll.com

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