South Tampa Medical Center

56,000 square foot Class A medical office building.

The owner of the property was faced with a major increase in vacancy. While the property historically experienced high occupancy, a group of prominent tenants had given notice of intent to move to owned facilities. Projected cancellations over the upcoming year represented 43% of the facility. The property was represented by a national broker firm, who the owner felt was not providing sufficient attention to the property. Ownership was in need of a leasing and management firm dedicated to providing intense focus to the challenges ahead.

Ciminelli assumed leasing and management responsibilities in late 2001, and implemented an aggressive program to maximize the exposure of the property to the market. A database of all physicians associated with the nearby hospital was developed, and Ciminelli worked closely with the hospital to maximize referrals. In addition, to take advantage of the trend towards ownership, Ciminelli facilitated the conversion of the building to condominium ownership.

Ciminelli has successfully closed transactions in excess of 20,000 square feet, reducing the potential vacancy of 43% to only 10%. Focused effort on efficient operating practices has resulted in an annual operating expense reduction of 12%.