La Tourelle

A fourteen-storey, 135,000 SF Class B tower in the Berri-UQAM submarket.  The property features three anchor tenants with long-term leases. 

The Challenge
The property is an off-core office building, constructed in 1979, and each tenant is paying sub-market rental rates.  Properly positioning this asset would be key in achieving higher than expected values. 

The Solution
The sales team focused the marketing efforts on the impact of newly announced CHUM superhospital which would be located within three blocks of the subject property, and that demand would be greater than supply for office space for medical use.  Moreover, the financial model aggresively argued that renewal rents would be revised upwards during the 10-Year analysis and that the prospective purchaser would achieve greater gains on re-sale.