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Advisor to Hokanson Capital in Repositioning and Branding 9Triple8 Jasper

The Work

Between 2015 and 2017, Incite was engaged by Hokanson Capital to work in partnership with Colliers International and reposition a property on the corner of 99 Street and Jasper Avenue in downtown Edmonton after the departure of the property’s sole tenant (ATB Financial). Hokanson Capital was looking to better understand the Edmonton office space market and develop a strategic marketing plan to inform the renovation and re-leasing efforts, ultimately leading to a successful sale of the property.

Incite conducted a comprehensive market study to identify the ideal tenant profile and confirm the best market positioning strategy for the property. Incite then led the renaming and brand redevelopment for 9Triple8 Jasper as well as the outreach strategy to reintroduce the property to the market. Incite supported Colliers in securing deals with KRP Chartered Accountants, Associated Engineering, and Da Capo (now the property’s flagship retail tenant, Al Centro).

Offering convenient on-site amenities including underground parking, a state-of-the-art fitness centre, and ample retail space, 9Triple8 Jasper’s successful renovation, re-leasing, and sale made it one of Edmonton’s few commercial real estate success stories during a very difficult period in the commercial real estate market. The property was sold in 2017 at $342 per square foot, more than triple the rate achieved for other office tower sales over $10,000,000 during the same period.

Relevance

Through its engagement with Incite, 9Triple8 Jasper achieved its objectives of repositioning the building in a difficult market, achieving substantial (>90%) leasing agreements, and completing a sale of the building significantly above market values. 9Triple8 Jasper was awarded Best Development Marketing for Canada at the International Property Awards. Incite’s positioning and centre-of-influence-driven marketing strategy supported Colliers’ leasing efforts through increased website traffic and online exposure, communication of brand value to many groups in Edmonton’s downtown core, and introductions to eventual anchor tenants KRP and Associated Engineering. The ambassador strategy and toolkit that were developed allowed community influencers to share the project’s value with their networks, in turn, increasing awareness and augmenting lead generation. In addition, media exposure gained through press releases, compelling events, and blog articles increased 9Triple8 Jasper’s profile in Edmonton’s office real estate market.

The project included the following deliverables:

  • Creation of a brand story to highlight the building’s extensive list of amenities
  • Development of new project naming (previously ATB Place) and new visual identity
  • Project website
  • Hoarding and signage design to promote the project during construction
  • Public art project to better engage foot traffic and connect with the downtown community
  • Media relations strategy, accompanied by media releases when new tenants were confirmed
  • Thought-leadership panel event to highlight 9Triple8 Jasper’s offering and create connections with influencers in the community
  • Ambassador kit to clarify 9Triple8 Jasper’s offering and messaging which then helped identified centres-of-influence generate interest with ideal tenants
  • Marketing materials, including a one-page leave behind and sales brochure
  • Lead generation and community support

 

Reference

Jordan Hokanson
President, Hokanson Capital

”Incite worked with us to build a clear market strategy for our building. Their efforts to reposition the building under a new brand (9Triple8 Jasper) and engage with key centres of influence allowed us to attract a new tenant profile. With a fully leased building, we were successful in selling the property for a higher than average rate per square foot in a difficult market.

Jordan HokansonCEO Hokanson Capital Inc.