Case Study · Class B office

Class B office repositioned as a performance asset

Vacancy creeping into the mid-twenties, NOI under pressure, ESG reporting too thin for the next LP cycle.

Asset

U.S. gateway market

Partner

Institutional sponsor, mid-cycle hold

Status

In production

By the numbers

NOI ↑New revenue lines documented quarterly
Day 90First quarter of recurring digital revenue
GRESBPerformance score lifted vs. prior cycle

Context

Roughly 400,000 sf of mid-1980s office in a gateway U.S. market. In-place tenants signing shorter terms. Energy reporting estimated from utility bills, not metered. The owner had ruled out tear-down on cost and embodied-carbon grounds, but the asset wasn't yet earning at its potential.

Approach

An instrumentation overlay across the central plant and tenant floors. Connectivity-as-a-service replacing the previous-generation tenant Wi-Fi. A tenant-experience layer added to the lobby and amenity floors. AI agents took routine optimization off the engineering team.

Outcome

A documented digital-revenue line by the third quarter. Energy intensity reduced. GRESB Performance score lifted meaningfully against the prior submission. The asset now reads to LPs as a performance asset, not a Class B carry.

“We didn't need a new building. We needed the one we already owned to earn like one.”

— Asset manager, sponsor side

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