At the time of acquisition, 500 Plaza Drive was struggling with occupancy, was under-parked, and required significant capital improvements.
During its ownership (through a joint venture with an institutional partner), Marcus Partners executed a major redevelopment program including the construction of a new parking garage, lobby and common area upgrades, a full service cafeteria, conference center, fitness center, and rooftop patio. This redevelopment converted the property to a best-in-class asset.
Once repositioning was complete, we increased occupancy from 74% to 99%, including a new corporate headquarters for Quest Diagnostics.
After completing our business plans, Marcus Partners and its JV partner sold 500 Plaza Drive to a third party owner. Marcus Partners continues to manage 500 Plaza Drive on the new owner’s behalf.