In 2011, The Historic Metcalf Building ownership sought our team’s services to lease the 10-story Chicago style brick building built in 1923 that sits in the heart of Orlando’s Central Business District. Once a pioneering building, as one of the first trio of ‘high-rises’ in Orlando, The Historic Metcalf building had fallen to an outdated, neglected relic in need of a significant refurbishment and repositioning within the marketplace. The priority was to bring the non-performing, 20%-occupied building to an updated, high-quality asset with high occupancy rates that was income producing and competitively positioned with surrounding higher-class better-performing buildings in the Central Business District.
Amidst recovering from the Great Recession, where market vacancy was high, and spaces were commodities, a holistic, creative marketing strategy and an aggressive “whole-building” improvement plan was required for such a
Value-Add proposition. Our team assumed not only the traditional leasing agent role but also the role of space planner, construction/project manager, value engineer and tenant coordinator. This diverse yet focused approach was driven by the need to position the building to attract the technology startups that were increasingly being attracted to older, character filled buildings like The Historic Metcalf Building.
Our team was then asked in 2021 to take the stabilized building to the market and find a buyer that would appreciate the uniqueness of the property. We were able to find a premium buyer even before going fully to market and closed in 60 days at $9,750,000.
After finalizing the sale, FoxRock, the buyers, retained FCPG as leasing agents, transitioned the management to FCPG, and in early 2022 FCPG began managing and leasing FoxRock’s Florida portfolio including 2 South Orange, only one block from The Historic Metcalf Building, and their 95,000 SF West Palm Beach office building. FoxRock also closed on a 42,000 SF value-add building a block North at 2 South Orange Ave which they then brought our leasing and management team on board to usher the building through the value-add process, a direct result of the expertise, skill, and success that we demonstrated with the 100 S building.
Stewardship Matters. To successfully accomplish a Value-Add repositioning such as The Historic Metcalf’s, it is crucial that we care for the property as though it is our own. FCPG acts as though the building is OURS and the money is OURS to bring to life the potential that a property has. The ownership mentality in concert with the experience of working alongside owners, asset manager, and property managers leads to successfully exceeding client expectations and building lasting relationship with our clients.