Landlord Case Study | 725 Arizona Ave.

The Setting

Downtown Santa Monica traditional office building with rents of $3.65/rsf/month in Q2 2012.

Assignment

Positioning and lease up of 22% vacant traditional office space. Negotiation of tenant renewals.

Strategy

Advised new ownership on market potential prior to acquisition and strategy after close for lease up. Advised on exterior building improvements and on spec build out of vacant suites into “creative” office with modified ceilings, concrete floors, and open plan.  Generated high quality marketing video utilizing aerial drone footage.

Results

Brought building to, and maintained, 100% occupancy. Achieved rents on turn of between $5.35-$6.50/rsf/month. Key tenants include Twentieth Century Fox, March Venture Capital Partners, and Arizona State University.