Concourse Tower West, West Palm Beach, FL
The high-profile turnaround of this desirable property demonstrates the results FRI Investors is capable of achieving through its hands-on management expertise. Strategically located near I-95 and Palm Beach International Airport, this 140,000-square-foot twin-tower office project was clearly failing to live up to its potential. After being taken back from its owners in 1992, the property had languished, with occupancy eroding to 40 percent. Within 18 months of its acquisition by FRI Investors, occupancy had climbed to 92 percent through a combination of active marketing and professional, entrepreneurial management. This successful acquisition and management approach laid the foundation for a later refinancing to fund further acquisitions.