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Our Mission
Services
Team Profiles
Our History
Client Testimonials
Press
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:: Development & Redevelopment
We understand that in today’s rapidly evolving business environment, landlords often face a “change or lose” dilemma. That is why we actively formulate redevelopment solutions: from design to construction management. |
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 CASE STUDY1
Optimizing return by rehabilitating a space
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Challenge:
FCRES had the assignment to market and lease an industrial building, which had been converted to office space and partially renovated by a prior tenant. An area of approximately 3,500 square feet remained “un-renovated”, and while it maintained an industrial feel, it was inadequate for industrial use. As office space, it commanded below-market rates, as it lacked certain desirable features, such as HVAC.
Strategy:
Our team first recommended dividing the building into separate units, and differentiating the lease rates accordingly. While the renovated spaces were priced at a higher monthly rent, FCRES identified several prospective users for those spaces, and promptly secured solid tenants.
FCRES then recommended refinishing the un-renovated portion of the building, and subdividing that area into small suites. FCRES designed the new space and managed the construction process.
Results:
The renovation was concluded in record time. Within two months, six new suites with a fresh, creative look came to market. Shortly after, these were all successfully leased at market rates. FCRES’ insight, market knowledge and initiative translated into an enhanced asset, yielding an optimal return.
CASE STUDY2
Identifying a property’s highest and best use
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Challenge:
FCRES represented an Investor whose real estate portfolio included several contiguous properties in LA’s Westside. The site had become increasingly desirable, as it is central to all of the Westside’s major communities and has immediate access to the freeway. While the ownership agreed with FCRES’ assessment that the highest and best use for the properties was office, not all the buildings were suitable for office use. One of them in particular, was a warehouse, previously used for automotive repair. It retained an unpleasant mechanical look and feel, and lacked adequate parking for office use.
Strategy:
As project managers of the renovation, the FCRES team recommended fully sandblasting the building. This resolved the mechanical odor and gave the warehouse an appealing creative appearance. To address the parking adequacy, FCRES suggested removing part of the building’s frontage. Storefront windows replaced the old roll-up doors, and the façade was refinished.
Results:
FCRES marketed the newly refurbished space as creative office or showroom. Today it houses one of LA’s most renowned furniture and home accessory stores. By readapting the use, FCRES was not only able to attract a high-credit tenant to that location; it also increased the overall value and desirability of the adjacent properties, thus optimizing the value of the entire investment portfolio.
CASE STUDY3
Repositioning a property to enhance competitiveness
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Challenge:
A Property Owner whose manufacturing building had been vacant for a significant period approached the FCRES team. While the building was situated in a prime West Los Angeles location, it was gradually falling into functional obsolescence. The FCRES team understood the challenge: It was a two-story industrial structure, with over 60% of its total square footage on the second floor. In its existing condition, the building commanded lower market rates than those of its neighboring office buildings, and it was difficult to lease.
Strategy:
The FCRES team recognized a unique opportunity to reposition the building. In close collaboration with the Property Owner, it concepted a stylish Class A creative office environment, which accentuated the industrial elements of the building, while integrating newer, more polished finishes. FCRES was an integral part of the design and construction team, working with the tenant improvements contractor, the architectural firm, and other vendors and sub-contractors.
Results:
The building’s transformation was a success. While significant capital improvements were infused, the property tripled its value upon project completion. Its timing was ideal, as it coincided with a peak in demand for creative office space, driven by the ‘dot.com’ phenomenon of the 1990’s. Today the building stands as a landmark among LA’s creative office structures.
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