Reliant Energy had moved its operations to Pittsburgh and had partially leased the building to outside tenants; however, the asset was underperforming for Reliant. The Johnstown office market was extremely soft, requiring creative and extensive marketing techniques to originate purchaser prospects.
- Developed extensive marketing information including building plans, rent roll, operating costs and tax breakdowns
- Conducted research on all companies utilizing office space in southwestern and central Pennsylvania
- Solicited these companies along with all local, state and federal government agencies, schools, healthcare businesses, etc.
- Advertisements were run in regional periodicals from Philadelphia to Pittsburgh and in the Wall Street Journal
- Major site signage was installed on Broad Street
- The PA Select Site database and regional commercial real estate databases were populated with information on the property and county economic development agencies were informed
- Conducted extensive property tours
The property ultimately sold to an investor who saw the advertisement in the Wall Street Journal