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Success Stories

Viad Corporate Center

Property Type: Office Building

Location: Phoenix, AZ

SF: 482,108 SF

BACKGROUND

Trigild was appointed receiver of a 24 story office tower with a total of 482,108 rentable square feet, sitting on 4.1 acres. When Trigild assumed management of Viad Corporate Center, it was experiencing a number of challenges:

  • Property was in the middle of seven major lease negotiations
  • Operating costs were considerably higher than necessary
  • High Vacancy rate

APPROACH

  • Trigild completed renewal negotiations of three tenants, including the Associated Press, a 150,000 square foot public company, a 7,000 square foot law firm, and a TI build out with draws for a 30,000 square foot “Big Four” public accounting firm.
  • Working with building operations and maintenance personnel, Trigild was able to reduce operating costs.
  • Interviewed and selected an investment sales broker to market the property
  • Renegotiated vendor and service provider contracts to help control costs while keeping amenities in the building operable and up to standards
  • Created a marketing plan to boost the building’s presence in the market.

RESULTS

  • Tenant prospect list grew from five to twenty prospects within three months of the receivership. Nine RFP’s were received from prospective tenants.
  • Marketed the property to prospective buyers within an expedited time frame (six weeks), resulting in a buyer with an offer equivalent to the face value of the note with a loan assumption.