The buildings, with a total of 313,000 sf, have lost tenants in the past few years. "They were 99% leased when the original developers sold them, but now they've gone down to about 69%," Mike Komppa, president of Corum tells GlobeSt.com. Komppa says the company plans to "get the occupancy rate back up," comparing it to the success of One DTC," which recently sold to Miller Global Properties.
Komppa says that the replacement cost of the 12-story buildings at 600 and 650 S. Cherry St. is in the $45-million to $50-million range. The buildings are connected and include 1,056 parking spaces.
The company plans a major renovation of the lobbies and common areas, says Cheryl Casserly, a senior vice president at Corum. She also is part of the ownership group. "We also intend to build out a number of speculative suites that will be ready for move-in with turn-key finishes," Casserly says. "The suites will be in the 1,000-sf to 2,500-sf range. We will start out with about a half dozen of those."
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