KBS launches a Spec Suite program at Union Bank Plaza. Last week the office owner announced plans to reposition the $ 20 million worth of 700,000-square-foot office tower. The Spec Suite offering – part of the repositioning project – provides tenants with ready-to-move spaces and is, in a sense, an iteration of co-working spaces that offer the same ready-to-move environment.
“KBS is an institutional company with an owner-operator mentality. We understand what today's renters are looking for and consistently identify innovative ways to bring our current and future renters the best deals in the market. " Tim Helgeson, SVP and Asset Manager and KBS, tells GlobeSt.com. “Our new Spec Suite program is an example of this innovative thinking. While many office owners have started moving available space to a clean white box state, we go a step further by building special spaces that really demonstrate the flow, function and aesthetics of the property. "
KBS currently has eight suites under construction and two have already been pre-let. “So far this program has been a tremendous success. Many tenants have decided to move directly into the newly designed specification suites without any changes, ”says Helgeson. "Of the eight suites currently under construction at Union Bank Plaza, two have already been pre-let and a third is in contract negotiations."
Bespoke office space and world-class service are becoming the standard in the office market, and forward-thinking owners are looking for ways to stay one step ahead of that curve. “We are convinced of this new strategy, which is based on our vast experience in the market,” says Helgeson. “KBS has owned Union Bank Plaza since 2010. As progressive owners, we understand that the market is constantly evolving and we need to be proactive in order to continue to meet the demands of today's businesses. This repositioning is an example of this proactivity. "
Downtown Los Angeles has become a market for forward-thinking owners looking to serve more modern tenants, and several office projects in the market reflect that trend. "Los Angeles is an established epicenter for the top talent and the highly skilled workforce," says Helgeson. “This is a mature, thriving market with a workforce that continues to demand the very best in living, working and play facilities. Our upcoming renovation and repositioning of Union Bank Plaza will deliver just that. "