Landlord Case Study | 3007 Washington Blvd.

The Setting

Abbot Kinney adjacent traditional office and retail building with rents of $2.00/rsf/month in Q2 2017.

Assignment

Positioning and lease up of 20% vacant office space, and once stabilized, a sale of the asset.

Strategy

Advised ownership on new strategy for lease up to obtain highest rents and best position for sale. Advised on spec build out and conversion of vacant suites into creative office with exposed ceilings, concrete floors, and open plan. Implemented use of the AIR lease form to streamline the lease review process.

Results

Brought building to 90% occupancy, then sold building to current ownership.  rsfLA was retained by new ownership to continue with the leasing assignment.  After the sale and partial renovation, rsfLA achieved rents on turn in excess of $5.10/rsf/month. Tenants include a mix of tech, marketing, entertainment, and fitness companies.