The underground parking garage of a large, fully leased office building with 400 parking spaces was severely damaged due to poor construction and the resulting salt deposits in the reinforced concrete. The building structure was at risk.
Consideration of various refurbishment options, including their economic viability, taking into account the duration of the works, disruption of tenants and resulting cash flow risks. Intensive tenant support before and during the construction phase (alternative parking spaces and shuttle service, regular information events, ice cream truck, etc.).
The renovation was completed within budget and on time. The rent reductions of only 5% were considerably below the planned 20% and tenant feedback was overwhelmingly positive.