07/31/2024
Time to Move! Success Story - Pasadena, CA: Class B to Class A, More Amenities, Below Budget
CHALLENGE
The deadline was approaching for our wealth management client Arroyo Partners to exercise the option to extend their lease. We helped them with the initial location 5 years ago. It met their needs at the time. They were pleased with the lease terms and rent. Now, before extending their lease, they were not sure there were alternatives that would satisfy their needs within their budget and provide the desired amenities.
ACTION
Arroyo Partners engaged Capital Realty based on our success, resources, and process to provide guidance for the best decision. We track lease dates as part of our service for many of our clients. We knew this option was coming up and suggested that we evaluate the market before deciding. If the analysis proved that they should exercise the option and stay, they had confidence that it was the best decision. After a detailed review and survey of the local office market, we immediately recognized there were buildings with spaces available that met all the client’s needs including upgrades and amenities they did not have at the existing location. Within two weeks, we toured 5 potential buildings and narrowed the field to the 2 best options that provided substantially better lease terms and building conditions than their current space.
RESULT
We received 3 proposals from perspective building owners, all of which met the requirements and timeline of occupancy needed. The new space chosen is an upgrade to Class-A office space vs the previous Class-B space. The new space provides a larger footprint, more desired amenities and lower occupancy costs. After landlord completed custom tenant improvements, Arroyo Partners relocated into their new space, taking advantage of the favorable office environment for tenants.
TESTIMONIAL
“We have enjoyed a long-term relationship with Garry. Garry was instrumental in helping us secure our initial location as well as our new space. We were amazed at the opportunity to upgrade our offices on better terms. His guidance through the entire process helped us feel confident in the decision.” G. Lee – Arroyo Partners
📸: cbre
