Bernal Corporate Plaza and Sycamore Plaza is a 460,000 square foot suburban Class-A office project owned by Principal Real Estate Investors in Pleasanton, California comprised of two three-story and two four-story buildings. The asset experienced a significant decrease in occupancy when a tenant occupying 42% of the project was acquired, resulting in renewal and downsize at the mid-2018 lease expiration by approximately 110,000 square feet, or 24% of the project. KGIP was instrumental in the re-stabilization of the asset and helped drive marketing efforts by:
Directing the design development and installation of a state-of-the-art, $1.2M exterior outdoor tenant amenities area featuring upgraded landscaping palette, various outdoor seating, and collaboration areas, putting green, corn hole courts, barbeque island with sink, refrigerator, and kegerator, and double-sided fireplace with built-in flat-screen TV’s, along with Wi-Fi and strategically-placed power bollards throughout to allow full connectivity for users.
Recommending and implementing market-ready work, including demising larger suites into smaller speculative suites, some with creative elements, in order to capitalize on an active small tenant market.
In larger, full-floor spaces, “white boxing” and performing restroom and elevator lobby upgrades.
Administering main lobby renovations in a full-tenant building that became multi-tenanted and upgrades to electronic touchscreen directories in all four building lobbies.
Installing electric vehicle charging stations and instituting a bike-sharing program for tenants.
Creating an Uber business credit incentive program for prospective tenants that are focused on public transportation in order to bridge the “last mile” from the Bay Area Rapid Transit system.
Implementing a new signage program, including updating interior signage and exterior monument signage. The exterior signage project involved working with the local jurisdiction through a challenging approval process.
Overseeing the design and construction of a common tenant conference center.
Managing the development and construction of a high-end, $1.5M indoor gathering space for tenants featuring food service, espresso and coffee bar, automated beer and wine wall, and gaming area with the ability to be sectioned off for private functions, along with an adjacent fitness facility. In conjunction with this project, KGIP identified and negotiated a lease with a highly-reputable café operator running five other restaurants locally with long-term success.
As a result of these enhancements, between Q1-2018 and Q1-2020, KGIP was successful in directly renewing and expanding tenants in 109,000 square feet and in working hand in hand with the listing team to execute 119,000 square feet in new deals at the project. KGIP also oversaw the tenant improvements for the total of these 40 new and renewal leases, ensuring TI’s were completed on time and on budget.