PROPERTY MANAGEMENT CASE STUDY 1 – HERITAGE OFFICE BUILDING PROPERTY 425 Carrall Street, Vancouver, British Columbia DESCRIPTION 100,000 square foot office building on the City of Vancouver’s Heritage “A” list located across Pender Street from the north side of International Village. HISTORY This unique and architecturally striking building is steeped in Vancouver’s early history. Built for B.C. Electric Company in 1912, the building was also the terminus for the inter urban train line which ran through the lobby of the building until the late 1950’s. During the late 1990’s the building was wired with 3 sources of unlimited bandwidth pipe to attract multiple high tech tenants focusing primarily on internet related businesses. MANAGEMENT CHALLENGE Home to over 70 tenancies, the high tech meltdown in late 2000 increased vacancies dramatically as start up companies floundered and more established high tech companies restructured and downsized. SOLUTION Shift from the emphasis on internet related tenants to the music and entertainment business. The building’s classical architecture, proximity to Downtown, Gastown and Yaletown, and internet connectivity is ideally suited for the entertainment, post production and the remaining high tech tenants. This approach is working with recent leases to Canada’s leading music management and promotion companies.  |
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