Class A Office Tower
Challenge: Due to a number of events, the vacancy rate of a 30-year-old, 26-story, Class A office building in Richmond, Virginia’s central business district climbed to 25 percent. As a result, the owner of the building hired a new regional commercial brokerage firm to manage the leasing process for the asset. Both the owner and the brokerage firm wanted to communicate the new relationship and highlight planned improvements to the building in order to increase the number of tenants and encourage lease renewals of existing tenants.
Solution: Gray Ryan Communications developed and implemented a strategic communications and public relations campaign around the announcements about planned improvements and brokerage relationship. This included drafting a press release, setting up one-on-one meetings with reporters, sharing renderings of new common spaces in the building, and securing interviews for all involved parties. Gray Ryan secured placements in several news outlets including Virginia Business, The Richmond Times-Dispatch, Richmond BizSense, and Southeast Real Estate Business.
Bottom Line: Within one year of the campaign, the vacancy rate in the building dropped by 10 percent as existing tenants renewed and expanded their space in the building and new tenants signed leases.