Before and after: The building at 4900 Augusta Ave. (Photos by Michael Schwartz)
A Willow Lawn office building’s new owners are betting that a little TLC can help raise the bar in a part of town with aging office buildings and subsequent cheap rent.
A group of investors is spending more than $1 million to rework the two-story, 25,000-square-foot office building at 4900 Augusta Ave.
The owners include Birck Turnbull, who is also a broker with Cushman & Wakefield Thalhimer.
Turnbull and his partners, whom he would not name, bought the building in January for $550,000, according to county records.
“It was on the market for a long time without much interest and getting ready to go to auction,” Turnbull said. “We were able to acquire the building at a low enough price that it made sense to undertake the major work.”
Renovations began this summer and include an updated facade and new windows, HVAC, electrical and plumbing. The first tenants are expected to move in in October, Turnbull said.
“We’ve really gutted the building and are taking it back to the studs,” he said.
Despite its age – the building went up in 1963 – the property does not qualify for tax credits.
The owners hope the renovations will help them get rents that are higher than the going rate around Willow Lawn but lower than higher-end suburban offices in, for example, Innsbrook.
Rates for office space in Willow Lawn are about $12 to $13 per square foot, Turnbull said. Rates in Innsbrook are about $19.
“We’re going to come in right in the middle,” he said.
Donna Hobbs, a broker with Pollard and Bagby who handles leasing in the Willow Lawn area, said the ages of many of the buildings there are responsible for their “Class C” designation.
Still, the affordable lease rates have helped that part of town hold steady.
“Rents are obviously lower, but the location is still good,” Hobbs said. “That market has been pretty good even throughout the recession.”
The lower rents have proven attractive to some startups and small businesses.
“They get the location without all the overhead,” Hobbs said. “The only difference is you don’t have the fancy facade.”
Several tenants have signed on for Turnbull’s Augusta Avenue property, including a title company, a real estate firm and a timber brokerage firm, he said.
Thalhimer is handling the leasing.
Before and after: The building at 4900 Augusta Ave. (Photos by Michael Schwartz)
A Willow Lawn office building’s new owners are betting that a little TLC can help raise the bar in a part of town with aging office buildings and subsequent cheap rent.
A group of investors is spending more than $1 million to rework the two-story, 25,000-square-foot office building at 4900 Augusta Ave.
The owners include Birck Turnbull, who is also a broker with Cushman & Wakefield Thalhimer.
Turnbull and his partners, whom he would not name, bought the building in January for $550,000, according to county records.
“It was on the market for a long time without much interest and getting ready to go to auction,” Turnbull said. “We were able to acquire the building at a low enough price that it made sense to undertake the major work.”
Renovations began this summer and include an updated facade and new windows, HVAC, electrical and plumbing. The first tenants are expected to move in in October, Turnbull said.
“We’ve really gutted the building and are taking it back to the studs,” he said.
Despite its age – the building went up in 1963 – the property does not qualify for tax credits.
The owners hope the renovations will help them get rents that are higher than the going rate around Willow Lawn but lower than higher-end suburban offices in, for example, Innsbrook.
Rates for office space in Willow Lawn are about $12 to $13 per square foot, Turnbull said. Rates in Innsbrook are about $19.
“We’re going to come in right in the middle,” he said.
Donna Hobbs, a broker with Pollard and Bagby who handles leasing in the Willow Lawn area, said the ages of many of the buildings there are responsible for their “Class C” designation.
Still, the affordable lease rates have helped that part of town hold steady.
“Rents are obviously lower, but the location is still good,” Hobbs said. “That market has been pretty good even throughout the recession.”
The lower rents have proven attractive to some startups and small businesses.
“They get the location without all the overhead,” Hobbs said. “The only difference is you don’t have the fancy facade.”
Several tenants have signed on for Turnbull’s Augusta Avenue property, including a title company, a real estate firm and a timber brokerage firm, he said.
Thalhimer is handling the leasing.