Landlord Case Study | 1453 3rd Street Promenade

The Setting

Traditional office and residential space above ground floor retail building with office rents of $2.95/rsf/month in 2006.

Assignment

Re-positioning and lease up of 40% vacant traditional office space.

Strategy & Results

Provided ownership with a detailed suite by suite report, including photos and suggested floor plans, supporting a re-positioning of the building for emerging tech and established entertainment industries. Advised on spec suite build out of vacated suites to “creative” office with exposed ceilings, concrete floors, and open plan. Leased a full floor long term to a single tenant, requiring a gut and rebuild as well as conversion of multi-tenant floor to single tenant use. Brought building to 100% occupancy. Current rents on spec suite turn exceed $6.75/rsf/month with minimal vacancy and TI’s required.