117 Kendrick Street
In 1998 Saracen undertook the adaptive reuse of this former 200,000 square foot warehouse and transformed it into a 210,000 square foot first class office building. The ownership of the project was Wellsford Commercial Property Trust, of which Saracen was the largest individual shareholder.
Purchased for $12,000,000, the renovation then included the expenditure of approximately $18,000,000 in base building, leasehold improvement and soft costs, for an "all in" basis of approximately $150 per square foot. The base building capital improvement program was completed in ten months followed by a 12 month lease up period to six tenants to 100% occupancy in 1999.