How Champion Partners Approaches Office Projects
No longer should you hide your workout facility and deli in the worst spaces of your building; now is the time to bring them front and center and show them off for tenants. That’s the philosophy of Champion Partners co-managing partner Steve Modory (center, between KW Commercial’s Brad Crumpecker and HSM Equity Partners’ Jim Brownlow). Steve says Champion likes to "harvest properties" aka buying, fixing and selling. After making the fitness center, tenant lounge and food service higher quality, it’s important to then highlight them.
Steve says office users today demand about a handful of amenities: a common tenant lounge; food service better than a mom-and-pop deli; outdoor space; and a conference center. Those things are going to be on every tenant’s checklist and they’re part of the redevelopment Champion is doing at Parkside Tower at 3500 Maple (formerly Reverchon Plaza). As part of the renovations, Champion is redoing the entire outside hardscape and the first floor lobby. If you do those things, you can get the rents that justify making the investment into the property, he says. Steve says Champion likes to be in and out of a property within a 24-month time period and may considering selling before stabilizing a property if the ROI is there. Champion’s sweet spot for properties: The Tollway, Central Expressway, along LBJ and toward Las Colinas.