85 Prescott Street
A converted mill complex in Worcester’s Gateway Park area needed a stable tenant base.
Skeptical tenants come to trust us
One of our firm’s first high-quality office building projects, 85 Prescott Street in Worcester, had four separate owners at the time — two private individuals, plus Worcester Business Development Corporation and Worcester Polytechnic Institute. Prior to our engagement, the building had been managed by one of the individual owners. Development and leasing of the property had been stalled. Existing tenants had received numerous promises, mostly broken. The NAI Glickman Kovago & Jacobs team was brought in to stabilize the existing tenant base, make any necessary changes, and lease the remaining space.
One of the key tenants was the Massachusetts State Lottery. We made an appointment to discuss their concerns. Lottery executives and representatives of the state Division of Capital Asset Management and Maintenance (DCAM) attended the meeting, and we assured them that all issues would be resolved. They told us they had often heard that story before. While it took approximately six months, we addressed every issue and developed a great relationship with the tenant. All the other tenants shared similar stories, and their issues also were resolved successfully.
Approximately 40% of the old mill space was still unfinished. We were charged with overseeing and coordinating the construction projects to create modern offices. This work included sandblasting areas of the building while there were tenants in the building. Coordinating these building improvements with existing tenants, many of them medical practices, required a special finesse.
Today, the building is 100% leased and commands some of the highest rents in this market for a Class B office building. It boasts higher-end finishes and competes with the small handful of Class A buildings in the area.
The 85 Prescott building challenge exemplifies what we do best — getting inside the walls, listening to tenants’ needs, making recommendations to the owners and implementing our solutions. Once we stabilize a building and its existing tenant base, it is time to lease the rest of it to capacity.