1975 Bryant Road

The building was a 1980s office product on a corridor that had declined and was returning. The owner believed the building was worth the replacement cost and the vacancy was a leasing problem. The terrain was a market that had moved and a building that had not.

We surveyed the rent roll, the cam, the building systems, and the corridor. The survey showed that the building's systems were at the end of their service life, that the asking rent was above the market by 18 percent, and that the vacancy was a pricing problem the owner had not seen.

We overlaid the building's condition, the corridor's trajectory, and the tenant pool. The overlay showed that a systems refresh and a rent reset would fill the building and lift the value, and that a sale at the owner's number would sit and then sell below it. We told the owner the building was worth less than they thought.

The owner refreshed the systems, reset the rent, and filled the vacancy within fourteen months. The building transacted at a number above the as is valuation and below the owner's original number, and the owner kept the income in the meantime. The valuation did not bend to whether the deal closed.

• Asking rent reset 18% to market
• Vacancy filled in 14 months
• Systems refresh sequenced before lease up