55 Old Bedford Road in Lincoln, MA (Lincoln North) was acquired by Real Capital Solutions in 2018 from Cranberry Hill Associates, who built the building in 1980. R.W. Holmes was provided the task of filling the 128,000 SF office park, which was only 50% occupied upon purchase.
The R.W. Holmes Process
Lincoln North had seen few upgrades since its creation 30+ years prior. The building was outdated and over-priced for the current market, many existing tenants relocating upon lease expiration. With Real Capital Solutions being based in Colorado, R.W. Holmes worked not only as the brokerage firm but also as the local project management team.
The R.W. Holmes team worked with ownership to:
- Create a repositioning vision, budget, and action plan
- Interview all existing tenants to determine top priorities for building improvements and keep all existing tenants in the building
- Create a “phase in” schedule of common area upgrades to match ownership’s spending plan, starting with the most impactful upgrades to lock in several tenants before completing additional upgrades
- Provide connections to local architects, construction teams, and furniture vendors that fit the ownership’s budget and timeline
- Select building design to match the style of current and prospective tenants
- Market the building to prospective tenants, current tenants, and cooperating brokers through traditional and creative methods
Within 6 months, R.W. Holmes was able to cut the building vacancy in half. Most significantly, bringing in a 22,000 SF tenant for a 7 year term. Additionally, R.W. Holmes assisted in the completion of the following work:
- Oversight of improvements to the cafeteria, food service, and lobby – from design inception to contractor work to furniture delivery
- Addition of new tenant amenities based on tenant interviews – such as a free shared bike program for the adjacent Minuteman Trial and grab and go food/coffee station
- Creation of new marketing package including: new website, new branding and logo, addition of virtual tours through a partnership with Everyscape, prospective tenant gift boxes, and hosting community events
- Analysis of market activity and breakdown of large spaces to match current tenant in the market needs