Wilshire Plaza
- 900 & 1050 Wilshire Dr | Troy, Michigan
- Property Type: Office
- Size: ±351,000
- Assignment Type: Facility Management, Leasing, Property & Asset Management
Challenges
Wilshire Plaza is comprised of two (2) class A office buildings in the I-75/ Crooks Road corridor that have been managed and leased by Friedman since 1999. By 2009 the Troy submarket was weakening as a rash of consolidations, relocations and closures were adding up and occupancy levels were poised to drop even further. The buildings faced strong competition from Class A landlords who had been forced to become very aggressive to both retain existing tenants and make new deals.
Solutions
Friedman designed and completed interior and exterior upgrades including parking lot resurfacing, landscape upgrades, lobby renovations, restroom renovations and internal building system restorations. A unique asset management plan focusing on daily property management operations, repositioning the buildings, increased income and a focus on tenant satisfaction was devised. Following completion, an intensive marketing campaign began with aggressive lease rates.
Results
The overall occupancy increased from 68% to 93%.
