The Park Building
In 2004, as a result of the Wachovia/First Union merger, the 230,000 square foot Park Building in downtown Winston-Salem, NC, became available for purchase at a price below replacement value. The seven-story office building was a Class A asset developed by Wachovia for their own use and featured an open atrium with views of a public park and attached parking deck with 600+ spaces.
The challenges were as follows:
- Located in Winston-Salem, NC, a tertiary market that had more than 500,000 sf hit the market as a result of Wachovia/First Union merger;
- Declining rental rates, space absorption and job growth within the local market;
- Conversion of the building, originally designed for a single tenant, into to a multi-tenant property; and
- Adding amenities to be competitive in the downtown market such as a fitness center and food service.
Utilizing an aggressive proactive marketing approach, 100% occupancy was achieved in less than 18 months. Ownership enjoyed ten years of positive cash flow and eventually sold the property in 2017 to an existing tenant, a prominent corporate citizen of Winston-Salem, leading to a 1031 exchange acquisition opportunity for the ownership.Let's Talk