1453 3rd Street Promenade, Santa Monica CA
Class A Mixed Use Building
92,250 rsf / 6 Stories
Built 1981, Renovated 2020
Ownership: Maxxam Properties
Marketing & Leasing, office space
Advise on spec-suite build out
Traditional office and residential space above ground floor retail building with office rents of $2.95/rsf/month in 2006.
Re-positioning and lease up of 40% vacant traditional office space.
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.