CALSTRS - 180 GRAND AVENUE-ACQUISITION-REPOSITION
180 Grand Avenue is a Class A high-rise totaling 274,000 square feet. The building needed an advisor to manage the leasing of the asset and effectively market the subject property. The lobby and landscaping were in need of renovation. Bank of America was to vacate 45,000 square feet of office space in the building in 2008. We had worked on the project with the previous ownership. The new ownership needed to decide whether to retain Equistone Partners as part of the leasing team or hire another brokerage firm.
Equistone Partners was retained by CALSTRS (California State Teachers Retirement System) and CBRE Investors to head the leasing team through the process. We led the team to success by implementing a winning leasing and branding strategy for the building. We secured Health Net of California, Inc., for a 40,000 square foot lease to fill the void that Bank of America was to leave in 2008.
"Please consider this letter as a “thank you” and a recommendation for your use in the future. Since our 2004 purchase of 180 Grand in Oakland, I have worked closely with you in the leasing of vacancies and retention of our existing tenant base, on behalf of the ownership, California State Teachers’ Retirement System. I have found you to be very responsive and effective on both fronts, while bringing to the table the market information that any owner needs to ascertain the makings of a lease transaction. Most notably, you are to be congratulated for your efforts with respect to marketing and ultimately signing our recent 40,000 square foot lease with HealthNet of California, Inc. Without your efforts and persistence, I doubt we would have had the opportunity to entice that tenant to the building and ultimately sign them for occupancy of 2+ floors. I look forward to continued success and working with you as we move towards a fully leased project."