10% Leased to 85% Leased in 180 Days

1320 W Fulton St.

In the fall of 2020, during the height of COVID and a dauntingly slow office leasing market, AMPI learned that its tenant of over two decades, Federal Savings Bank, would be vacating its 40,000 SF office at 300 N Elizabeth. This news, combined with the looming departure of Herman Miller’s 20,000 SF temporary showroom space, forced ownership to face a tough reality: its 120,000 SF building would soon be only 10% occupied.

The Strategy

  • AMPI contacted Madison Rose shortly after learning about the impending vacancy. Our team presented a tangible positioning and leasing strategy that didn’t require large-scale building renovations, and we were off to the races. Our creative and straightforward approach included:
  • Reintroduction: Changing the building address from 300 N Elizabeth St. to 1320 W Fulton St.
  • Accessibility: Transforming a bland egress staircase into a welcoming, well-lit entrance, giving tenants the option to take the stairs directly from the sidewalk to their space. A renowned local street artist created a mural installation around the entrance, dramatically enhancing the building’s curb appeal.
  • Branding: Building-top signage renderings included with every anchor tenant proposal.
  • Show, Don’t Tell: Spec a space of any size—and do it thoughtfully. This is the show pony. In our case, the suite was just over 3,000 SF and was included in every tour, regardless of size. It leased within a month of completion at the highest rate ever achieved for the property.

The Result:

  • The large block of space officially became vacant on April 1. In re-leasing the space, the first lease was signed in July for nearly 26,000 SF, with occupancy set for December. The second lease, for 43,000 SF, was signed in September, with occupancy the following February. One tenant signed at $37.00 per rentable square foot gross, and the other at $40.50—far exceeding expectations.