Renovation and Development Result in Increased
Value for Former Class C Property

IBUS is an international real estate investment group based in Belgium that acquires and develops real estate in the U.S. and around the world.

Challenge
One of IBUS’ greatest challenges was to capitalize on the dramatically improving office market in 1997 by acquiring and improving distressed office property. The company needed to leverage capital through a local real estate and market expert.

Strategy
United Properties, which was already providing sourcing, leasing and property management services to IBUS for another property, gathered resources and was able to provide IBUS with a solution to their real estate needs.

The team, comprised of an asset manager, developer, and leasing and property management experts, identified the Prairie Lakes Corporate Center, a 135,000 sq. ft., class C building that was for sale. They formulated a plan to renovate the existing space and expand the site by developing a second 70,000 sq. ft. building.

Results
After the project details were presented, IBUS not only purchased the building and land, but also hired United Properties to do the repositioning and development. The renovated building and the new building were connected by skyway to create a new two-building, 200,000 sq. ft., class A office complex.  Through the new development and repositioning of the existing building, United Properties was able to create a project with an economic value that far exceeded the investor’s cost.