Erwin Square Plaza, National Asset Services

Erwin Square Plaza

Durham, North Carolina

After losing market position, occupancy tumbled to 58%. NAS increased & stabilized occupancy at 97%.

Erwin Square Plaza is a ten-story, Class "A" office tower with two wings containing retail space on the first floor and traditional office space on the upper floors and totaling 235,979 sf.

Originally developed in 1990, Erwin Square Plaza is located in the master-planned Erwin Square Development at 2200 West Main Street in Durham, North Carolina. The property is conveniently located near Duke University Medical Complex and considered one of the region's most attractive and well-positioned properties.

Acquired in May, 2003 the property was then at an occupancy rate of 97.2%. However, systematically as new property came on line in the sub-market, Erwin Square Plaza lost its position and ultimately tumbled to an occupancy low of 58%. With a change in management, a new strategic plan was enacted to bring this property back to its rightful position in the marketplace.

The occupancy as of October, 2009 remains constant and steady at 97% having been leased to credit rated Duke University and related tenants on long term leases at the top of the market. The re-stabilization of this asset was accomplished in less than 18 months and done without a cash call to the co-owners.

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