Promenade Gateway

Promenade Gateway

Property

1453 3rd Street Promenade
Santa Monica CA
Class A Mixed Use Building
92,250 rsf / 6 Stories
Built 1981, Renovated 2013
Ownership: Maxxam Properties

Services

  • Marketing & Leasing, office space
  • Advise on spec-suite build out

Promenade Gateway


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. Brought building to 100% occupancy. Current rents on turn exceed $6.50/rsf/month with minimal vacancy and TI’s required.