Landlord Case Study | 225 Santa Monica Blvd.

The Setting

When purchased in 2000 the building was occupied by traditional office tenants on multi-tenant floors commanding rents of $1/rsf/month. The property was completely gutted and renovated over a three year period, exposing the brick and mortar bones while upgrading all building systems.

Assignment

Positioning and lease up of 100% vacant, single tenant floor, warm shell creative office space. All floors were identical at onset.

Strategy & Results

Position building as New York style creative “loft” space and market to emerging tech and established entertainment industries. Differentiate between identical floor plates based floor height and views. Brought building to 100% occupancy more than once, and advised on 2013 and 2018 investment sales. Current rents on turn have exceeded $8/rsf/month.