40 Broad Street

The Challenge

In December 2000, Lincoln Property Company took over the management of 40 Broad Street upon the purchase of the property by Prudential Real Estate Investors on behalf of U.S. Property Fund GmbH KG & Co. Plans were prepared immediately to renovate the property in order to compete with other comparable buildings in the Boston area.

Our Strategy:

In 2002, 40 Broad Street went through an extensive $6,000,000 renovation which included the following: a new door revolver and additional lobby renovations, upgrades to the mechanical, fire and life safety systems, elevator modernization, roof replacement, common area upgrades, installation of energy efficient fixtures, and the restoration of the lightwell which included the replacement of the windows, recaulking and repainting of the brick. In 2003, further upgrades included the renovation of the restrooms on the multi-tenanted floors. The work included the replacement of the ceiling tiles, new stalls and fixtures, and new toilet exhaust system.

The Results:

The major improvements over the last two years have significantly increased the level of tenant satisfaction at the property by creating a more comfortable, safer and professional working environment for the tenants. The improvements have also helped in attracting prospective tenants and retaining several existing tenants, which have renewed their leases for additional terms. The property has also benefited by achieving $68,900 through its participation in the Business Solutions Rebate Program offered by NStar, the utility company. As a result of all the renovations and new equipment, LPC anticipates achieving additional savings annually.

Building: 40 Broad Street

Size: 291,483

Location: Boston, MA

Year Built: 1923/1982