Center Tower Riverside is a five story Class A office building and three story parking structure ideally located in the heart of Downtown Riverside, just off the 91 freeway, immediately adjacent to the City’s municipal offices and the Federal, State, County, and City legal offices and courts. Due to its premier location, Center Tower Riverside is the preferred building for legal, accounting, and government firms in this high demand urban sub-market.
In March 2015, CIP Real Estate acquired Center Tower Riverside with Alex. Brown Realty, its long time institutional investment partner, for $(blank) with the intent to fully renovate the building to “best in class” quality. Significant improvements totaling more than $(blank) included a complete new ground floor lobby, updated bathrooms, renovated elevator cabs and lobbies, dramatic new hallway materials and lighting, along with energy efficient new roof and HVAC installations.
The project was about 75% occupied upon acquisition due primarily to the previous ownership’s inability to invest capital for new tenant improvements. CIP Real Estate instituted an aggressive marketing campaign during the renovation process by offering competitive improvement packages which resulted in the building being 100% leased by September 2017 at rental rates exceeding original acquisition forecasts to a very strong group of professional firms.