Ellis Partners acquired the 680,000 square foot 11-building portfolio in Roseville from an institutional owner that had originally purchased the portfolio for a long term hold.  The Great Recession and ownership’s decision to limit additional equity investment in the asset caused significant vacancy in the portfolio.  As a result, Ellis Partners was able to purchase the project below replacement cost.  Anticipating that Roseville would follow its historic pattern and lead the office recovery in the Greater Sacramento market, Ellis immediately implemented an aggressive and highly responsive leasing program including a rapid build out of “spec suites”.  These efforts were further enhanced by the implementation of a targeted program of capital upgrades to improve the overall marketability of the portfolio.  These combined tactics resulted in our obtaining a disproportionate share of new tenant transactions in the market and resulted in a substantial reduction in vacancy in the early years of project ownership, all well ahead of pro forma.