4400 Von Karman – Newport Beach, CA

4400 Von Karman

Newport Beach, CA

Increased occupancy by 54% to 100% leased for new ownership in 275 days.

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SITUATION

  • Building was purchased 67% leased as leasing was put on hold for 1 year due to potential user sale opportunity.
  • Large 3rd floor vacancy contained heavy, outdated build out.
  • 10% of the building was set to roll in 2017.
  • Building in need of lobby remodel and exterior refresh.

ACTION

  • To increase leasing marketability, the 3rd floor was repositioned as creative, open concept design appealing to the target tenant base.
  • Lobby renovation renderings were included in marketing collateral, brochures, and email blasts.
  • Anticipated vacancies were marketed months in advance.

RESULTS

  • Successfully negotiated ground floor tenant renewal, increasing rental rate by 10%.
  • Successfully leased newly vacated space with less than 60 days of downtime.
  • Ultimately leased all vacant space in building to bring building to 100% leased in under a year.