2-5 Mount Royal in Marlborough, MA was acquired by CB Equities in 2018 from Haynes Management, who built the buildings in 1980. R.W. Holmes was provided the task of filling the 160,000 SF office park, which was only 45% occupied upon purchase.
The R.W. Holmes Process
2-5 Mount Royal had not been significantly upgraded since its creation 30+ years ago. The R.W. Holmes team worked with ownership to:
- Create a repositioning vision, budget, and action plan
- Rebrand the building with a new name (Knowledge Park) and coinciding marketing materials
- Provide connections to local architects, construction teams, and furniture vendors that fit the ownership’s budget and timeline
- Advise on improvements and building amenities that were most sought after for the Marlboro market
- Market the building to prospective tenants, current tenants, and cooperating brokers through traditional and creative methods
Within 1 year, R.W. Holmes was able to bring the building to 86% occupied by completing 26 new deals. Most importantly, they were able to renew all current tenants with expiring leases in the building, a previous epidemic unresolved by past ownership. Additionally, R.W. Holmes assisted in the completion of the following work:
- Updates to all building lobbies and entrances in the park
- Creation of a Club Room, shared conference rooms, and beer on tap for all tenants
- Addition of onsite management and a day porter to improve responsiveness of ownership to tenant needs
- Creation of new marketing package including: new website, new branding and logo, and addition of virtual tours through a partnership with Everyscape.