Property Type: Class A Office
Location: Houston, TX & Minneapolis, MN
Year Built: 2002
SF: 225,000 SF
Challenges: Geographically Varied Portfolio, Cost Control
Value Created: 20% Reduction in OPEX Achieved 100% Occupancy
When confronted with a complicated Tenants-In-Common (TIC) Borrower default, the special servicer looked to Trigild in order to guarantee the smooth management operations of two cross – collateralized assets in diverse markets, separated by thousands of miles.
- Took advantage of our nationwide reach which became critical to the takeover and management of these class A assets
- Implemented a two prong strategy: 1) provided the high level of service expected for Class A Offices; and 2) maximized efficiencies thereby reducing costs
- Incorporated our LEAN operating principals that included the proper allocation of personnel and in certain cases changed to vendors that offered better price and service levels
- Reduced operating costs by 20%
- Stabilized the properties and began a market analysis and disposition process to maximize the value of both assets through open market sales.