Buildings built 20-30 years ago benefit from renovations that modernize the common areas to increase the building's aesthetic appeal in order to compete with newer buildings. Corporations are attracted to buildings that offer state of the art amenities. For example, shared conference centers can be leased on an as-needed basis in lieu of dedicating large areas within their leased premises for such purposes. Types of capital improvements and additional amenities that improve a building's marketability include, among others:
Riverside CommonsAn example of the value added from INTERPRISE's expertise in repositioning properties is Riverside Commons. INTERPRISE was charged with re-branding the entire six-building campus, including common area interiors as well as the exterior through fresh signage. The decision was made to rebrand the campus with the street address - Riverside Drive - as its namesake. Each building was renamed after Texas rivers - including the Brazos, Pecos and Trinity rivers, among others. This cleverly tied all of the buildings together while maintaining individual identities for each building. Images of the rivers were incorporated into the buildings' interiors to complement the new names. An amenities center was added to benefit the tenants, including a marketing and management office, a deli/restaurant, a fitness center, a conference room and a security center. Restrooms were designed to reflect the style of a country club. The resulting renovations secured a large lease that brought the property to 89% occupancy. That tenant later went on the purchase the entire six-building campus.
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