Challenges

• Vacancy at time of acquisition – 63% (128,826 SF)
• Historical leasing efforts had underperformed
• Current zoning limited allowable uses
• Deferred maintenance items
• Neglected landscaping

Strategic Objectives

• Achieve 90%+ occupancy within 24 months
• Maximize NOI through strategically negotiated leases
• Reposition the asset as a flexible-use campus catering to evolving tenant demand
• Secure long-term leases with quality credit tenants

Solutions Implemented

1. Marketing & Branding
   – Developed a targeted rebranding campaign emphasizing flexibility, affordability, and suburban convenience
   – Executed aggressive digital marketing and direct outreach to tenant reps and brokers
   – Promoted the asset’s location near St. Johns Town Center to appeal to lifestyle-driven tenants
2. Broker Engagement
   NAI Hallmark led the lease-up initiative with on-the-ground tours and broker engagement. Offered creative deal structures that encouraged broker participation and closed deals efficiently
3. Capital Improvements
   Proactive property enhancements made by ownership included:
   1) Upgraded all parking lot lights to energy-efficient LEDs
   2) Refreshed landscaping
   3) Resealed and restriped parking lots and repaired all damaged concrete curbing
   4) Upgraded directional signage and monument signage for improved visibility and navigation
   5) Replaced all building roofs to ensure long-term operational efficiency
   6) Replaced HVAC units as needed to improve tenant comfort and reliability
4. Zoning & Use Expansion
   Gained City Council approval in May 2025 (18–0 vote) to rezone the park, allowing expanded uses like retail, restaurants, and animal hospitals.
5. Lease Flexibility & Responsiveness
   – Offered both short and long-term lease options tailored to tenant needs
   – Structured creative concessions and step-up rents
   – Landlord responsiveness and fast lease turnaround became a defining advantage—accelerating negotiation cycles and winning tenant trust

Results

Conclusion

The lease-up of Greystone Park at Deerwood illustrates how a well-coordinated repositioning strategy backed by ownership flexibility and engagement, expanded zoning, and targeted marketing can quickly turn around underutilized office assets. Now 100% leased, the park stands as a premier value-driven office destination in Southside Jacksonville, poised for long-term stability.