Assignment
RREEF purchased One Main Place in August 2006 with a vacancy rate of 21%. Pacific Real Estate Partners, Inc. was hired as leasing agent to help reposition this unique asset and bring the occupancy to 95%.
Objective
Reposition One Main Place as a true Class A building. Reengage the brokerage community and get One Main Place back on their radar.
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Challenges
One Main Place had fallen to 2nd tier status in the late 90’s and early 2000’s. Dated common areas, older ceiling and lighting systems combined with under performing rental rates had reduced interest in this project, increasing vacancy. Demand for the retail spaces had also softened during this period. One Main Place simply did not compete with the newer office product.
Results
In 2nd quarter of 2008, Pacific Real Estate Partners, Inc. helped secure Tripwire for 36,000 SF, AT&T for 7,500 SF, Schrodinger for 4,800 SF (expansion) and brought overall occupancy to 97% in just under 24 months. Pacific Real Estate Partners, Inc. negotiated over 65,000 SF of new deals for One Main Place, adding over $13 million in building value. RREEF has only 6,000 SF left for lease and is pressing rental rates to over $28.00 per sq. ft. plus.
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