Green Park Center

The Green Park Center, a 13,000 SM office building, was purchased by Westcore on the outskirts of Vienna, Austria in 2007

Mike Wolfson led lease negotiations with the anchor tenant, PKE, a spin-off of Philips. At acquisition, the building was mostly occupied by PKE but there were a handful of third party tenants, and the entire 3rd floor was vacant. It was possible to argue at the time that PKE's rent was slightly above market, and therefore, the lease negotiations were complex.

The result of a long and arduous negotiation was that occupancy increased from 75% at acquisition to 100% within the first year of ownership, and the lease duration was pushed from approximately 6 years to 10. We were able to achieve this by finding win/win solutions with PKE that included some free rent and improvements to the space in exchange for a longer term lease.

The building was sold to Credit Suisse Asset Management in 2008 at a significant profit.