GATX Capital Corporation hired Leibsohn & Company as the property manager and leasing agent for the Kingsgate Place Building (59,7000 SF office building) in October of 1991. GATX has been the original lender on the property and had taken the building back after the developer defaulted due to years of low occupancy. GATX's primary goal was to fill the building, which was less then 50% leased, at market rates as quickly as possible, and then sell the property. By the end of 1992, Leibsohn & Company had the building fully leased with stable tenants. GATX then engaged Leibsohn & Company to market the property for sale.

Leibsohn & Company convinced a local investor group that the purchase of the building was a good opportunity. There had been no new construction of office buildings for several years, and none on the forecast at the same time the economy of the area was strong. As a result, the market vacancy levels were steadily declining into the single digits. Previously, rental rates had stayed stable, however in the very near future we predicted that the rates would begin to increase dramatically. This would provide the investor group a larger gain or upside than previously possible. This, it was a good time period to buy existing properties in the market based on the then market rental rates. The investor group purchased the property in 1993 for a price of $5,000,000 based on a 9% cap rate. After changing several tenants, expanding and renewing others, the building has remained full and the rental rates have increased substantially, which has increased the NOI. The average annual cash on cash return over the past seven years has been 11%. The internal rate of return (IRR) has been 17.53%. Most notable, the building value has increased from $5,000,000 to $9,896,900.