Viad Corporate Center
Property Type: Office Building
Location: Phoenix, AZ
SF: 482,108 SF
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
- 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.
- 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.