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| October 27, 2014 |
How Not To Settle When It Comes to Design
Office design is more important than it's ever been for companies and other organizations to compete, HKS principal Maria Martinico tells us. Good design not only fosters an environment that attracts and retains the best people; it also makes a strong statement about the occupant's core principles.
Big Brothers Big Sisters (BBBS) of Orange County tasked HKS to design 18k SF it will occupy initially in 1801 East Edinger Ave in Santa Ana, which BBBS bought recently. Maria says that for BBBS, the goal of the design is not only a good workplace for staff, but also an inviting environment for the mentors and children, which the org calls “Bigs” and “Littles.” Snapped at the IOS + Haworth Charity Bocce Ball Tournament this summer: Maria and colleagues Stephanie Fox, Julie Krydula, Lindsey Minnick, and Thea Medina (not pictured: Lori Williams) who were playing to benefit BBBS. Many at HKS are long-time supporters of BBBS and its mission.  HKS shared its new fly-through design video of the 18k SF space. Stephanie, the project's lead designer, tells us it includes necessary offices as well as open, collaborative space. The design makes use of colors and inspirational words, both for mentees and as statement to donors and other visitors about its mission. CEO Melissa Beck wanted a home BBBS can grow into, and this space is much larger than its current Tustin digs. HBC is the contractor, and Tangram is doing the furniture.
Last Thursday, BBBS held its 50th annual gala fundraiser, a black-tie affair, with 100% of the proceeds going to support its mentorship programs in OC and IE (the org has 300 children on its wait list, and the funds will help cover the costs of recruiting and screening mentors). Snapped: Melissa and Auction.com chairman Rob Friedman who was given an award for 25 years of service on its board of directors.
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MOBs With Leaseup Potential Especially Hot
Even among the scorching MOB sector, some assets stand out. Properties that haven't achieved full occupancy (and highest rents) are especially coveted. Avison Young principal Dan Vittone tells us that buyers are looking for well-located MOBs not only with a strong existing tenant base—and medical tenants tend to be sticky—but also the ability to add value through lease up. Dan's snapped in in Whistler, about to head to Vancouver on a short flight over glaciers.
The ARA and other changes in the industry, Dan says, are upping the demand for ambulatory surgery centers, stand-alone emergency departments, and multi-tenant properties housing physician offices. Dan and colleague Alan Pekarcik, in the company's Irvine office, recently repped Cypress West Realty Partners in its sale of the 23k SF Mission Health Center in Rancho Santa Margarita. The building is 77% leased to six medical and dental clients, with the largest, Mission Hospital Regional Medical Center, occupying 34% of the building.
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Office Rent Increases Faster than Market Average
According to CompStak, the average starting office rent in the South Orange County submarket has recovered to approximately $2/SF, highest since 2009. The recovery is mostly driven by Class-A leasing activities in Irvine. South Orange County recorded a more than 8% YTD starting rent growth rate, the highest increase among all submarkets in Orange County. Our sponsor CompStak is a free lease comp exchange for brokers, appraisers and researchers, and you can click here to request an account. |
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What Sports Agent
Leigh Steinberg Knows About
Real Estate
Leigh Steinberg spoke at the Sperry Commerical Brokerage Exchange at the Pacific Club recently to offer up some tips on how sports negotiation skills can translate to commercial real estate. First, empathize with the person you're negotiating with, and second, ask for more than you're willing to settle for, so there's room to negotiate. Leigh has secured over $3B for 300-plus pro athletes and directed $750M to various charities. Bisnow was a media sponsor of the Broker Exchange.
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© 2014, Bisnow LLC, 1817 M St., NW, Washington, DC 20036. All rights reserved.
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