1111 Superior Avenue is a 618,000-square-foot downtown office building, purchased in 2014 for $19,500,000 with a loan of $14,500,000. At the time of purchase, the property was 53% leased. Within the first year, American Landmark Properties completed an extensive renovation of the lobby and added a first-class executive fitness center and conference facility to the property. These improvements resulted in new leases increasing the building’s occupancy to nearly 85%, including a 42,000-square-foot lease with IBM. American Landmark Properties managed and leased this building, and was also successful in negotiating a 37-year extension of the ground lease, allowing the property to be successfully marketed for sale. The property was sold in 2018 for $54,000,000. This translated to a 3.2x equity multiple and a 35% IRR for investors.
