CASE STUDY

ASSET SERVICES TURNAROUND

2020 N ACADEMY

COLORADO SPRINGS, CO

Executive Summary

When Boxer Asset Services took over management of the 2020 N Academy building in Colorado Springs, the property was struggling with low occupancy, aging infrastructure, and tenant defaults amid the COVID-19 pandemic.

Applying its innovative small-tenant leasing model—

leveraging in-house engineering, space planning, minimal
renovations, and 24/7 marketing and leasing availability—
Boxer transformed the building. Within a year, occupancy
surged from 51% to over 84%, attracting a stable tenant
mix including behavioral health and veterans health
providers. This turnaround stabilized the asset and
delivered significant cost savings, demonstrating Boxer’s
expertise in revitalizing complex properties under
challenging conditions.

Client Background

The 2020 N Academy building is a mid-sized office property located on a main
boulevard in Colorado Springs. Historically challenged by deferred maintenance and
non-optimized floor plans, the building struggled to attract and retain small office
tenants. The COVID-19 pandemic intensified these challenges, leading to tenant defaults
and slowed leasing activity.

“When we first took over, the building was in a tough spot. Occupancy was barely over half, and the pandemic made everything
more uncertain. But we saw an opportunity to apply our proven small-tenant leasing model and turn things around.”
Joe Aubin, Senior Director of Operations

The Challenge

Boxer Asset Services faced multiple hurdles:

Low Occupancy

Occupancy was critically low at 51%, impacting revenue and owner confidence.

Aging Infrastructure

Aging infrastructure anddeferred maintenance created operational challenges.

Tenants Defaults

Tenant defaults increased due to pandemic-related financial pressures.

Ineficient Floor Plans

Floor plans were not optimized for small tenants, limiting appeal.

COVID-19

Market uncertainty reduced leasing demand during COVID-19.

“The building had a lot of potential, but it needed a fresh approach. We knew we had to act fast and smart to
stabilize occupancy and make the space attractive to the kinds of tenants who would stay long term.”
Mary Eberly, Regional Property Manager

The Solution

Boxer Asset Services deployed its vertically integrated small-tenant leasing model tailored to 2020 N Academy’s needs:

Minimal Renovations

In-house engineering and space planning teams reconfigured existing spaces efficiently, creating move-in ready offices without costly tenant improvements.

Vertical Integration

Engineering, leasing, marketing, and management were coordinated internally for streamlined execution and faster turnaround

24/7 Marketing and Leasing Availability

Constant marketing presence and around-the-clock responsiveness ensured prospects received immediate attention and appointments

Targeted Tenant Mix

Focused on behavioral health and veterans health tenants, sectors with stable demand and community impact

Cost Efficiencies

Eliminated broker commissions and minimized renovation expenses to improve net operating income

Implementation & Execution

Engineering and space planning teams conducted detailed assessments and implemented cost-effective reconfigurations without disrupting existing tenants.
Leasing agents leveraged digital marketing tools and flexible showing schedules to maintain tenant engagement despite social distancing constraints.
The marketing team emphasized the building’s suitability for healthcare tenants, highlighting location and tailored space solutions.
Transparent communication with owners ensured alignment on leasing goals and financial targets.

“We focused on creating spaces that tenants could move into immediately, with minimal hassle. That flexibility was key during a time when many businesses were uncertain about their future.”
Mary Eberly, Regional Property Manager

Results & Outcomes

Starting Occupancy

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Occupancy After Turnaround

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Turnaround Period

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Leasing Availability

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Occupancy increased from 51% to over 84% within approximately one year.
Stable tenant mix including behavioral health and veterans health providers.
Significant cost savings by minimizing renovations and eliminating broker fees.
Enhanced tenant satisfaction and retention through operational improvements.
Sustained leasing momentum despite COVID-19 challenges

“Seeing the building come back to life, especially during such a challenging time, was incredibly rewarding. It’s a testament to the power of our integrated approach and the dedication of our team.”
Joe Aubin, Senior Director of Operations

Why It Worked

Integrated expertise enabled rapid, coordinated turnaround.
Minimal renovations lowered barriers for tenants.
Tenant mix alignment ensured steady demand.
Proactive marketing and 24/7 availability overcame market headwinds.
Collaborative owner partnership fostered trust and strategic success.

“It’s about being nimble, responsive, and focused on what tenants really need. When you combine that with a strong team and clear communication with owners, you create a winning formula.”
Mary Eberly, Regional Property Manager

Boxer Asset Services’ revitalization of 2020 N Academy exemplifies how innovative small-tenant leasing strategies can transform challenged office properties into thriving, profitable assets—even amid a global pandemic.