SIMEON PROPERTIES - 180 Grand
In December of 2002, Simeon Properties selected us as part of the new leasing team for 180 Grand Avenue. 180 Grand Avenue is a Class A 273,000 square foot office building located at Lake Merritt in downtown Oakland, California.
Simeon desired the asset (180 Grand) be repositioned, the vacant space be leased out, and the property be marketed for sale. In December of 2002, the downtown Oakland CBD market was 11.6% vacant and receding with little or no leasing activity in the pipeline. 180 Grand Avenue was 17.5% vacant and was often overlooked on tenant tours.
Although the market continued to recede over an 18-month period, 180 Grand performed significantly better than the market and its competitors. In the 3rd quarter of 2004, the sale of the asset was decided. We were present on all tours involving potential buyers of the property. Multiple bids on the property were received, and a winning bidder was chosen. CALSTRS purchased the property in October of 2004, nearly two years after the inception of the assignment. We were retained by the new ownership to continue as the lead broker for the new leasing team on the asset.
"I am writing this letter to express our appreciation for the consistent excellent efforts you put into leasing our building at 180 Grand. Although we have now sold the building (due, in no small part, to your success in getting us past the 90% leased mark with quality tenants), we look forward to working with you in the future. We greatly appreciated your knowledge of the market and your candor in assessing potential deals. While we have no problem referring you to other potential clients, please note that we look forward to remaining as a client. Again, thank you for your services."