Park Place is a 400k SF, two-building office project in the San Francisco East Bay suburban submarket.
Larry led a roughly two-year effort to convert a former purpose-built, single-occupant campus into a vibrant multi-tenant project. This repositioning resulted in a successful disposition of one of the two buildings to a user with the remaining building leased to high-quality tenants on long-term leases.
Selected and lead the repositioning team comprising a local development manager, outside leasing brokers, architects and general contractors.
Defined and completed a $10MM+ pre-leasing capital plan to re-brand a project that had always been known as “The Sybase/SAP Building”. The capital plan included hardscape and landscaping improvements to the 14.5 acre site, creating a prominent sense of arrival and identity at the property and building entrances, modernizing the building lobby and restrooms, upgrading base building systems, and designing and delivering a package of indoor and outdoor amenities to cater to the demands of today’s tenants.
Oversaw an orderly move-out and hand-off from the original occupier that was operating the building under a net-lease structure.
Negotiated the initial leases for four of the six floors of the multi-tenant building and coordinated efforts to sell the remaining building to a local user.
Split the site into separate tax parcels and created the original reciprocal easement agreement.
655 Montgomery is a 263k SF mixed-use, multi-tenant office project within the San Francisco CBD’s North Financial District submarket.
Larry directed a multi-year business plan to elevate a sleepy building that had fallen behind the competition in terms of capital investment, image and building amenities; and whose primary market identity was “the building across the street from the Transamerica Building”.
Within a roughly 3-year period, completed nearly 200k SF (~75% of the building) of new and renewal leasing transactions. The leasing efforts followed a deliberate plan to (i) optimize the building’s suite size offerings relative to market demands by aggregating smaller and/or view-challenged tenant suites; (ii) carefully balance potential rent increases with required re-tenanting capital when renewing below-market in-place leases; and (iii) aggressively invest capital and drive top rents for premium view spaces.
Successfully navigated anchor tenant (~30% of the building) Hotwire’s surprise announcement to vacate several floors of non-view and commodity office space by negotiating and executing a new lease with WeWork in conjunction with an early surrender agreement with Hotwire.
Transformed a bleak ground floor plaza and building entrance by replacing poorly-performing retail operators with renowned local food service operators; investing in high-impact lobby upgrades; and negotiating an agreement with the non-owned residential HOA to add (for the first time in the building’s 30+ year history) elegant outdoor seating, landscaping and permanent arcade signage for key tenants.
Worked with architects, contractors and land use counsel to define a plan to convert a long-standing and challenging retail vacancy into a building amenity area; presented the change of use case at the City Zoning Committee public hearing and obtained approval for the change of use.
Executed the capital plan to remedy deficiencies in the building’s travertine curtain wall; modernize building systems including the implementation of California Title 24 energy efficiency measures; and enhance restrooms, corridors and other common areas in coordination with current and anticipated leasing efforts.
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