Greenbelt, Maryland
Problem:
 In the mid-1990’s, this three-story medical building had a 40% vacancy and negative cash flow, ultimately leading to foreclosure by the lender, a life insurance company. Rather than selling the property for a loss, the lender repossesed the asset, reasoning they could lease-up and then sell the property for a greater return.
CRC was enlisted by this life insurance company to reposition the 45,000 square foot medical building.
Approach:
CRC assessed the property, finding it in poor repair, inadequate and ill-configured for its medical-office use. It recommended a complete renovation, including interior, exterior, and site changes for the 1970’s-era building.
To better accommodate visitors, vehicle access and circulation were redirected; parking was increased; and signage changed. CRC ensured the building was compliant with the Americans with Disabilities Act (ADA), an important standard of access for public buildings, particularly for medical use. An interior building shaft was uncovered to provide new elevator service, replacing the series of ramps being used for pedestrian access. Common areas and lighting were upgraded and new roofing added. Maintenance of the HVAC and other systems were significantly upgraded.
CRC re-leased the property and managed the construction of new tenant spaces, which included fitting out special-use requirements for the group medical practices and laboratories.
Results:
As a result of the renovation and leasing program, occupancy improved from 60% to 90%. CRC was able to stabilize the property in 18 months, and today the property is 100% leased.
Although the life insurance company’s original objective was to reposition and sell Science Park, the property has become so profitable, they have kept it in their portfolio, with CRC continuing its roll as leasing and management agent.
| 
