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Case Study

Rebranding energizes leasing velocity at The Aventine

Aventine is an 11-acre retail and office complex designed by renowned architect Michael Graves. Aventine opened in San Diego’s Golden Triangle in 1990 and quickly became a well-known landmark.

The complex houses a 217,000-square-foot Class A, LEED® Platinum-certified office building, as well as the AAA Four Diamond Hyatt Regency La Jolla at Aventine, The Sporting Club and a collection of some of San Diego’s trendiest restaurants.
Despite being a lifestyle destination, office vacancy was on the rise at Aventine, due to a stale marketing program, low tour activity and a slow leasing market. Even more worrisome: the largest tenant, occupying 30,000 square feet, indicated it would not be renewing. Dynamic architecture and a premier address aside, common areas needed to be reenergized.
 
JLL was hired as the leasing agent and worked with ownership and property management to develop a three-year capital plan that would prioritize and improve common areas and vacant suites. A new rebranding program was launched, emphasizing the work-play-stay concept that was unique to this La Jolla complex. Over a 24-month period, JLL signed seven new leases totaling 58,000 square feet, renewed and expanded nine tenants comprising 70,344 square feet and increased occupancy by 26.7 percent.

More important, lease rates were not sacrificed to achieve the occupancy gain: asking rental rates increased from $2.24 per square foot to $3.25 per square foot. Once hired, JLL did not lose a single expiring tenant to the competition during the period.

Learn more about JLL’s leasing capabilities and experience in San Diego.

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