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Case Study

Suggested rehab and smart marketing drive stable occupancy, above-market rents for San Diego office campus

​A 25-year-old project in Torrey Pines, near San Diego, offered an incredible golf course and ocean view location, but was mostly vacant and required heavy rehabilitation. The Muller Company, in conjunction with Rockwood, purchased the building and hired the JLL team to make slight upgrades and aesthetic improvements.

The leasing team made a host of recommendations, including a complete rehabilitation and increased rents. The owners complied and transformed the asset into a Class A office campus. The leasing team was able to pitch tenants on quality, location and experience rather than price. All facets of marketing supported this vision as the team repositioned the asset as a true “La Jolla” property and targeted an exclusive tenant mix.

Within 24 months of the completed rehabilitation, JLL had stabilized occupancy—allowing the owner to increase the square footage by 20 percent. Our efforts resulted in the highest rents in San Diego County and strong, credit tenants.

Today, rents continue to be signed at a 20-percent premium compared to similar properties in the market.
 
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