Leslie Building

Leslie Building

Property

124-132 Lasky Drive
Beverly Hills, CA
Class B Office Buildings
13,360 rsf / 2 Stories
Built 1947, renovated 2013
Ownership: Family Trust

Services

  • Marketing & Leasing, office space
  • Advise on spec-suite build out and building renovations
  • Advise on property management

Leslie Buildings


The Setting

Prior to inheritance in early 2013, property was managed and leased for 28 years by an onsite manager, with significant deferred maintenance, under market leases, and minimal documentation. Traditional office with rents of $2.25/rsf/month in Q3 2012.

Assignment

Positioning and lease up of 35% vacant traditional office space. Evaluate deferred maintenance and provide modern practices for leasing, management, and renovation, including opex tracking and pass throughs.

Strategy & Results

Advised new ownership on market practices for leasing, as well as helped prioritize deferred maintenance and implement plan to upgrade systems. Advised on spec build out of vacated suites to “creative” office with exposed brick, exposed ceilings, and skylights . Brought building to 100% occupancy. Current rents on turn exceed $3.35/rsf/month. New tenants have established base year and operating expense pass throughs are now accounted for.