Organization RestructuringSituation: A major mortgage-insurance company inherited a very old commercial-residential complex when the owner defaulted on the loan during the financial crisis. The complex was vested in condominium ownership, but only 25 percent of the commercial and residential units were sold. The commercial podium was entirely vacant and in no condition for leasing. Infrastructure and equipment were left on the property and part of the complex was an incomplete shell connected to an underground garage. At the time of the organizational change when the mortgage company assumed ownership, the condo market was slow and there was little demand for commercial space.

Approach: We were hired as part of team to provide both project and property management services to make the complex viable and saleable. As part of the organizational restructuring change, we developed a strategic plan that included a full market analysis. Our strategic plan included recommendations for reorganizing the commercial space, putting in place an infrastructure refurbishment plan, and renegotiating several leases. As part of the organizational change, we also recommended and provided on-site management. Results: The mortgage-insurance company recouped its investment and costs under the new organizational change. Within 5 years following our strategic plan, the project was 90 percent sold. The neighboring building shell was completed and became a successful Marriot Executives Suites hotel.