Last year, the 104,000-square-foot, three-story building off Meridian Street had a 3 percent occupancy rate. The building was struggling to find tenants and fishing for a buyer.It wasn't a long wait. Sixteen months later, 550 Congressional's August occupancy rate had zoomed to 85 percent.It also found a new owner -- Professors Capital, a California-based real estate investment group."What was accomplished with the lease-up and sale of 550 Congressional is a good example of creating value for our client," said Paul Dick, a vice president at Resource Commercial Real Estate, which marketed the building.Conseco' s efforts to consolidate its real estate triggered the changes. The insurance company has 11 buildings at its Carmel corporate campus and was ready to divest some of its holdings. 550 Congressional, which housed administrative offices, was on the "for sale" list.Last year, Conseco hired Resource to get the job done.But selling a building that's only 3 percent occupied is not easy. When Resource focused on beefing up tenants, the entire building was vacant except for MCI WorldCom, which occupied 35,000 square feet."Buildings that have tenants are worth more to investors than vacant buildings," Dick said.Since 2005, Resource brokers lured tenants such as Liberty Mutual, Pitney Bowes and Bankers Life. What helped in tenant recruitment is the building's location, Dick said.Others in the industry agree."The North Carmel corridor has historically been one of the winning submarkets for office space," said Mary Beth Kohart, a real estate broker with Colliers Turley Martin Tucker.Meridian Street is a major north-south thoroughfare. And with a lot of decision-makers residing in Carmel, the demand for office space in the area is hot, Kohart said.Meanwhile, Resource continues to hunt for additional tenants."Our job is to optimize the value of our client's real estate," Dick said.

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