13,000 Square foot multi-tenant suburban office renovation
This 13,000 sf multi-tenant building located in the Irving Park neighborhood needed a complete renovation. The building was constructed as a leasehold in 1972. The extorior and interior reflected the age as well as the ownership structure of the building. The owners of the leasehold were reluctant to improve the property as a leasehold.
The development team purchased both the land as well as the leasehold in January of 2001 with plans to invest $500,000 to improve the building. Exterior improvements included adding 4 inches of insulation with stucco to the exterior, punching in 43 new windows, and adding architectual accents to the façade. The interior was completely gutted and modernized over the 9 month construction period.
The building was 100% pre-leased during the construction period, with average rents increaing from $10/quare foot to $18/square foot post renovation.