We acquired the assets for a $131 per square foot and will need to invest additional dollars to deliver multi-tenant space to the market. All-in-cost, will still be well below replacement cost, allowing us to aggressively market the park to drive occupancy and economic performance.The current tenancy is already in our preferred zone, with an average tenant size of 3,000 square feet. Over the next several quarters we will launch a rebranding and repositioning effort by inserting our own personnel into the project, coupled with our traditional marketing, leasing and property management strategy.
PS Business Parks, Inc Q2 2010 Earnings Call Transcript
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