Situation

In-Rel Properties acquired the Quince Centre, located in Memphis, in June 2009.  Completed in 1989, the 5 story, 113,000 square foot property’s occupancy at the time of purchase was approximately 40%, primarily attributed to the relocation of Comcast, its former anchor tenant, to larger build to suit opportunity within the same submarket.

In-Rel, first, created an identity by replacing the long associated name “Comcast Building” with “Quince Centre”. We then refurbished the lobby, common area and restrooms, and introduced Quince Centre as a newly updated, competitively priced option, for both small and large users, to the brokerage community.

Development

To revitalize Quince Centre, our company replaced the Comcast Building name with Quince Centre.  We repositioned the building, which lacked a clear identity after the Comcast relocation, to better reflect its location and its targeted tenant base.  The name Quince Centre connotes a more varied tenant base, as well as its address at 6555 Quince Road in Memphis’ 385 submarket.

Lobby, common area and restroom improvements were implemented immediately.  In-Rel installed new interior and exterior signage to reflect the new Quince Centre name and brand, installed a new touch screen tenant digital directory and replaced common area finishes in both the corridors and restrooms.

After completing the capital improvement plan, In-Rel began marketing one of the largest blocks of available space in the building – almost 45,000 square feet – to new anchor tenants.

Value Created

In-Rel’s extensive rebranding and renovation increased a new awareness of the property not present in years.  The property now offers large flexible floor plates, ample parking and unprecedented access in the Memphis market.

Our company’s competitive cost basis, proactive management style, and in depth market knowledge secured a new anchor tenant resulting in an increase in occupancy to 70% in just one year.