Positioning/Transitioning to Tenant Profile

150 Spear

San Francisco, CA

OWNER:
Principal Real Estate Investors

SIZE:
265,000 SF, 18 Stories

TEAM
Scott Harper
Brad VanBlois

INTRODUCTION
Need introduction

CHALLENGE
Upon starting assignment in November 2009, the building was 28% vacant, consisting of private office intensive space that didn’t meet the emerging trend of office users going to more open plans.

"Scott, Principal Real Estate Investors wanted to shoot you a quick note. Your team is doing a great job of bringing deals to our building and converting opportunities into signed leases. The unique capabilities and focus that Urban Landlord Partners brings to the landlord side of the table was a key reason you won the business at 150 Spear, and you guys have certainly delivered. Thank you."

– Rob Klinker
Asset Manager
Principal Real Estate Investors

STRATEGY/SOLUTION
> We proactively marketed to tenants in the South Financial District, built 3,000-6,000 SF spec suites and built-out full floors to warm shell to promote building’s site-lines, core depth and natural light to meet market demand. We also freed up premium view space by relocating non-high rent paying tenants to commodity floors.  Launched a direct mail campaign to SFD tenants.

RESULT
Within four years, we increased technology-based tenants from 33% to 63% while also decreasing vacancy to 3%.  Meanwhile, we increased “credit” tenant roster from 23% to 52%.