American National
Insurance Company

3250 Olcott

Santa Clara, CA

OWNER:
American National Insurance Company

SIZE:
45,896 SF building

TEAM:
Susan Gregory

INTRODUCTION
3250 Olcott Street in Santa Clara is a 3-story office building totaling 45,896 SF built in 1982. Because of the age, dated improvements and lack of amenities, the building was slipping into B- category.

CHALLENGE
The existing tenant at 3250 Olcott stopped paying rent. The area is being dramatically improved by recent developments from The Irvine Company and Menlo Equities, totaling over 3.1 million square feet of office product, 120,000 square feet of retail and 1,800 housing units. Based on where we are in the market cycle, we saw this as an opportunity to reposition the property.

STRATEGY/SOLUTION
> Meet with top architectural firms and assist with the selection.
> Meet with highly regarded construction firms and assist with the selection.
> Work closely with the architect, contractor, property manager and Landlord to finalize a striking, innovative design that 1) meets the needs of today’s tech tenants, 2) has a sophisticated, striking exterior, 3) has very efficient and inviting interiors and 4) has incredible curb appeal with outdoor meeting areas and a roof top garden.
> Market to the brokerage community and directly to tenants in the market once the design is complete.

RESULT
The construction is currently underway and will be shell complete February 2017.  Design and Marketing efforts paid off well as we have gone to lease with a credit tenant and expect execution no later than January 15, 2017.  (Approximately two months prior to shell completion).  Rent will be north of
$3.15 NNN compared to $2.15 NNN without the renovation.  Term is in excess of 8 years.