Keller Center

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Opportunity

Keller Center is a four-story 159,840 SF Class B suburban office building, located in Maitland Florida, Orlando’s largest office submarket. Keller Center was developed as two 4-story 80,000 SF buildings which share a common atrium lobby built in 1986.

The property was acquired at 17% occupancy.  There were a few contributing events that led to Keller Center’s low occupancy.  The asset went through a Department of Transportation right of way partial taking, reducing parking to a ratio below 3:1,000.  Shortly before the taking, a tenant occupying over half the building vacated. The property was a legacy asset in a partnership not willing to contribute additional equity to maintain the building and it was starting to look dated and neglected.   

Harvard Pacific was tasked with project management oversight of the capital improvement endeavors and provided property accounting services.

Solutions

The strategy was to reposition Keller Center in the market through significant capital improvements to increase occupancy to stabilize the asset.  The previous signage was drab and blended into the landscape. Harvard Pacific designed monument signage that is bright and highly visible signage. A landscape beautification project was carried out, as the landscape was overgrown and neglected. In addition, a 400-space parking deck was constructed on the southeast side of the property. The common area atrium was upgraded to attract quality tenants and to compete in the market and new chillers systems installed. In addition, the three elevator cabs and the onsite café were renovated.

The upgrades to the building and the visibility of Harvard Pacific’s involvement showed the market current ownership was engaged and willing to invest in the asset.  As a result, several large users +/40,000s and several +10,000sf tenants were willing to slgn long term leases and move to the building. While ownership contributed over $3,000,000 in tenant improvements, tenants invested over $3,800,000 of their own funds into the building.    

CDM Smith, a national full-service engineering firm required took 40,000sf.   As part of their build-out we added all new modern design finishes with sustainable elements including noise cancellation for employees, LED lighting and a recycling program. CDM Smith’s employees enjoy their new modern design finishes and sustainable elements. Their recycling efforts of over 157 tons resulted in only 6 tons ending up in a landfill.

Alegeus, a national leader in consumer directed healthcare solutions initially occupied 20,000sf and doubled in size in 12 months.  We fully demolished the existing floors and implemented design Which included HVAC efficient equipment, DIRTT wall systems, high end furniture, LED lighting and top tier flooring finishes.  Alegeus now has a high-end and energy efficient customer support center.

Health Care Support (HCS) is recognized as the one of the largest healthcare staffing firms in Florida. They originally occupied 18,000sf and expanded into another 9,000sf in 18 months.  Harvard Pacific updated the suite HVAC systems, employee break room, tile and carpeting.

Adventist Health System is a direct administration organization for Florida Hospital. Harvard Pacific managed the installation of high end finishes to update their lobby, restrooms, offices and boardroom in their 40,000sf space. In addition, we oversaw the installation of fully automated computer systems for their employees.

Outcome

With the completion of the new parking deck, Keller Center’s parking ratio increased from 3/1,000 SF to 5/1,000 SF.  In addition, Harvard Pacific worked with the DOT to extend an adjacent road and signalize the newly created intersection.

At disposition, Keller Center was 100% leased. Notable tenants include Ford Motor Company, Alegeus Technologies, Adventist Health, Healthcare Support, and CDM Smith due in part to the significant interior and exterior capital improvements.