| Liberty Station - Building 902 |
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| Building 902 is the newest and final Class “A” office building at Liberty Station joining 256,965 square feet of newly constructed Class “A” office space and approximately 75,000 square feet of new office space located in renovated historic buildings. The client had a small window to start construction but did not want to break ground without an executed lease for a majority of the available space. Although unique and new, Liberty Station was competing against an amenity-rich Downtown San Diego submarket made up of “traditional” companies and 2.2 million square feet of new office construction across San Diego County that was only 12% pre-leased. The San Diego office market peaked in mid-2007 and then experienced increasing vacancy, availability, and negative net absorption each quarter since 2Q 2007 creating intense competition among building owners to acquire tenants in a market with dwindling demand. |
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The leasing team developed a 3-part marketing and leasing plan to maximize success:
- Part 1: Time the construction with planned Downtown rent increases resulting from numerous high rise sales and overall tenant demand
- Part 2: Identify targeted tenants and understand relocation trends
- Part 3: Develop and execute an aggressive marketing plan with monthly tasks to maximize overall awareness of Liberty Station’s amenities and direct marketing to targeted user groups
Results
Within 10 months of the marketing plan “kick-off,” CBRE successfully secured a National Credit tenant to pre-lease 77% of Building 902. Successful marketing campaign execution resulted in:
- Leasing Office District to 100% occupancy and renovated historic office space to 80% occupancy
- Existing Liberty Station retail tenants reported an increase in gross revenues compared to their other/previous locations (Wine Steals, Vons)
- Increased awareness/business to Liberty Station retail tenants (Golf event – each hole was sponsored by a different retail tenant), hosted Survivor and Amazing Race auditions
- Spending only 12% of total budget
Client Testimonial
“The CB Richard Ellis team is an instrumental component in Liberty Station’s success. Leasing up the Liberty Station Office District in today’s market is a remarkable accomplishment.”
Joe Haeussler, Senior Vice President, The Corky McMillin Companies
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