The building at 451 Phillip Street in Waterloo is perfectly positioned within the city’s new and exciting innovation hub. This rapidly developing area is already home to start-ups, established corporations and global tech giants.
With a building area of 229,050 square feet, an open courtyard of 12,764 square feet and an overall site area of more than fourteen acres, this LEED Silver Certified property offers outstanding amenities and convenient transit, with the new LRT just steps from the main doors.
The challenge Colliers’ Asset Advisory Services (AAS) faced was to successfully lease the space, in a region with a significant number of competing properties.
Implementing the vision
The AAS team worked collaboratively with their client CanFirst Capital Management to implement the vision they had for the building. Colliers attended weekly meetings and went on leasing calls to help ensure that everyone’s needs were aligned.
As well, the AAS team was active in tenant coordination, capital implementation projects and operations that provided specific property details to potential leasing candidates. They also responded to short notice leasing information requests, to accelerate and help facilitate time sensitive leasing deals.
As a result of Colliers’ support and project involvement, 451 Phillip Street was taken from only one small tenant to a 98% lease rate within the space of one year.
Success by the numbers
- Implemented accelerated leasing plan
- Leveraged industry contacts to help market the property
- Consulted on strategies for achieving the best tenant mix
- Engaged in weekly meetings and provided regular updates
- Actively involved in tenant proposals
- Provided key information in a timely fashion
- Achieved 98% lease rate within the space of one year
Going above and beyond
Leveraging their industry expertise, Colliers was able to work in a progressive and collaborative role to help CanFirst Capital Management achieve their aggressive commercial leasing goals.
The team at CanFirst expressed how much they appreciated the effort by Colliers and went on to say that they believed that it was a ‘true testament to the Colliers team dedication, professionalism and commitment to ongoing success.’