LONG BEACH, Calif., March 29, 2012 /PRNewswire/ -- Since Realm Group, LLC acquired 200 Pine Avenue, a 70,000-square-foot mixed-use tower located in the heart of Downtown Long Beach, California, in 2008, their implementation of a series of strategic improvements and targeted recruiting efforts have resulted in the successful repositioning of the property and a dramatically improved occupancy rate.
Occupancy within the 200 Pine building has increased from 71.5% to 85%, a 13.5% improvement, between period fourth quarter of 2008 and fourth quarter 2011. Over that same time, occupancy for comparable properties (Class B) in Downtown Long Beach dropped from 86.2% to 83.3%, a decrease of 2.9%.
After acquiring the 200 Pine property, Realm invested $4 million dollars in capital improvements throughout the building. Makeovers to the lobby, bathrooms, elevators, and common areas were complemented with significant improvements to the building's mechanical systems, upgrades to the parking garage and building lighting, as well as a cosmetic overhaul to the building's facade.
The building's location made it an ideal candidate for the repositioning and its appeal to tenants, particularly those from the creative industries. The property is located at the intersection of Pine Avenue and Broadway, the heart of the city's entertainment district. "We knew when we acquired 200 Pine that its location in a vibrant urban center that would draw proven tenants who were looking to offer their employees all the assets of working in a city center," said J.R. Pearce, a partner with Realm.
In the last six months, two creative businesses relocated their headquarters from other Southern California cities to 200 Pine. Ignify, a world-class technology and business consulting company, moved their 100-person operation from Cerritos, Calif. into 11,000 square feet of office space at 200 Pine. "We chose 200 Pine because of its excellent location allowing for high traffic visibility and accessibility," said CEO of Ignify Sandeep Walia. "Our employees enjoy residing in an urban area where they can live, work and play."
Street Surfing Worldwide, a developer, manufacturer and distributer of specialty wheeled consumer goods including waveboards, skateboards and scooters, also relocated their headquarters to 200 Pine from Irvine, Calif. Street Surfing Worldwide leased almost 6,000 square feet in 200 Pine. "The move to Downtown Long Beach is a great next step in re-energizing our brand, our team and our product line," said CEO of Street Surfing Worldwide Mark Siegel.
In addition to strong leasing activity in the office space, 200 Pine Avenue has also leased out its entire ground floor to three proven retail operators whom add value and amenity to the building and the Downtown Long Beach community. "Finding the right quality of tenants for the ground floor is an important decision for not just our building, but the surrounding community," said Pearce.
On Thursday, April 12, 2012 at 5 p.m., Realm will hold the Grand Opening for the 200 Pine Avenue Marketing Suite. The Grand Opening will feature Long Beach Mayor Bob Foster and a ribbon cutting. The Grand Opening will be held in conjunction with Tecate Thunder Thursday, which kicks off Grand Prix Weekend in Long Beach. Media is invited to attend. RSVPs are required in advance. RSVP to Sally Agresti at [email protected].
For more information, please visit http://www.200pine.com.
Realm Group, LLC
SOURCE Realm Group, LLC