Office building at 2611 Forest Drive receives new life thanks to redevelopment, rebranding and new tenants

Mayfair Street Partners, LLC creates a new vision by leveraging Colliers International’s platform of leasing, property management and project management services to redevelop their well-known property.

Despite its prime location near downtown Columbia and proximity to Providence Hospital, 2611 Forest Drive had stood vacant in recent years until its purchase by Alpharetta-based developer Mayfair Street Partners in 2017. Now, after bold redevelopment, a rebranded leasing initiative and a detailed property management program, the building has a completely new look and is 100% occupied.

 

 

“We knew that there was so much potential in this property that had been untapped,” said A.J. Belt, III, Managing Director and Partner with Mayfair Street Partners. “It has been gratifying to see our vision for the property realized, and we are grateful for the entire Colliers International, LCK and Mashburn Construction team efforts to effectively turn this asset into a tremendous success story.”

2611 Forest Drive needed an ambitious vision. The 44,000-square-foot building, built in the 1970s, was dated and lacked essential infrastructure and amenities that medical office tenants seek, including adequate parking. Mayfair’s redevelopment plan completely overhauled the property’s image with extensive exterior and interior renovations and upgrades. A newly appointed facade and interior covered courtyard created the wow factor tenants were seeking. A new visitor’s entrance and elevator, enhanced lighting, expanded parking and landscaped beds addressed the details needed for repositioning the property in the marketplace. 

After representing the previous owner in the sale of the property, Colliers International was awarded Mayfair’s remaining leasing assignment for their newly acquired building. Tommy Johnson and Hunter Suggs, office brokerage specialists, assisted Mayfair in obtaining critical tax credits and purchasing an additional half-acre of land for necessary expanded parking. Using architectural renderings as part of a rebranding effort and pointing to Mayfair’s commitment to working with tenants on additional tenant improvements, the brokerage team was able to successfully bring the building to full occupancy.

“Mayfair Street Partners has proved that, while the Columbia office market has not yet demonstrated the capacity to support significant new construction, there is noteworthy potential in the repurposing of older buildings for tremendous value-add opportunities that offer tenants new choices,” said Johnson, a Vice President for Colliers in South Carolina. “Mayfair attracted Palmetto Pain Management as an anchor tenant, and we were pleased to successfully fill the remaining 40% of office space.”

In addition to a successful effort for Colliers’ brokerage team, Mayfair awarded Colliers’ Real Estate Management Services division with the property management for the building as renovations continued and deadlines for tenant move-ins approached. Monica Goodale served as the Property Manager to oversee tenant move-in and ensure a smooth transition.

Additionally, Colliers’ project management partner, LCK, became invaluable in executing the final design and construction strategies for the building’. Dale Stigamier, Senior Vice President of LCK, stepped in to assist in budgeting and managing the final phases of building renovations as well as providing oversight of two tenant improvement projects.

The property management and project management specialists worked in collaboration with the brokerage team to provide a broad platform of services and flexibility needed to help Mayfair realize its vision for 2611 Forest Drive.

“We were really pleased with our ability to tap the resources of the multiple experts within our platform at just the right time and to successfully execute this assignment while acting as an extension of Mayfair’s team,” said Suggs, Brokerage Associate.

 

 

About Colliers International

Colliers International | South Carolina has over 138 staff members, including 60 real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total brokerage volume exceeded $750 million for 2017, involving over 900 sales and leasing transactions. Colliers International is the largest manager of commercial property in South Carolina and is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM), with a portfolio at year-end 2017 of approximately 14 million square feet of office, industrial, retail and healthcare properties. Colliers International’s staff holds 46 professional designations, the most of any firm in South Carolina.

Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.

Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.