In 2006, Seven Oaks Company assisted GEAM in the $103M purchase of the 500,000 s.f. Riverwood 100 office building. At that time, the building was 79% leased, with substantial rollover risk in upcoming years. Originally delivered in 1989, Riverwood 100 was the highest quality building in the Northwest Market, but needed an “operational tune-up”, and increased leasing. Seven Oaks addressed both operational and leasing issues immediately. Through strategic relationships with CBRE
and Fifth Street Management, Seven Oaks effectively reduced operating expenses below Northwest market averages and leased and renewed over 175,000 s.f. bringing occupancy to over 90%. Additionally, Seven
Oaks just renewed the building’s 150,000 s.f. anchor tenant for 10 years at above market economics. Seven Oaks has also implemented substantial operational improvements with a special emphasis on “green”
strategies. The building received Energy Star certification in 2008 and is on target to achieve LEED Certification in early 2010.
- Aggressive Leasing Strategy: Completed 325,000 s.f. of new leases and lease extensions at rates 5% greater than market.
- Above Market Tenancy: Building 91% leased (10% higher than market).
- Operational Efficiency: Below market operating expenses and Energy Star Certification received 2008.
- LEED Emphasis: LEED Certification targeted for early 2010.
- Investment Value Protection: Renewing existing anchor tenant for 10 years at above market economics.