OFFICE LEASING:
MORE THAN JUST ECONOMICS
by Shana Yao
When looking for office space, everyone knows that good economics are important. But in addition to a sound financial deal, there are many other items that must be considered.
As employees spend an increasing amount of time at work, office properties that enhance an office worker’s lifestyle are becoming increasingly important. Efficient building management, convenience, tenant activities, and location are just some of the issues that must be factored into the decision-making process.
A good example of a “lifestyle-friendly” office property is Citicorp Center, located in Downtown Los Angeles. Owned and managed by TrizecHahn, the 900,000 square foot Class A property has a reputation as one of downtown Los Angeles’ premier office properties and boasts a comprehensive program aimed at improving service, creating new efficiencies and providing a convenient and enjoyable environment.
Listed below are some of the factors that must be considered when looking for office space. As you will see, using Citicorp Center as an example, choosing an office property should be more than just a sound financial deal it should be a decision that takes into consideration the business’s employees and smart office planning.
“Location, Location, Location” – it’s an overused clich & #233;, but one of the most important factors for a good office space. Easy access, both vehicular and pedestrian, is important for employee convenience. Proximity to fine restaurants, hotels and clubs are important for employees, executives, and visiting clients.
Citicorp Center, for example, is situated directly off the 110 Harbor Freeway and across from the Seventh Street Metro Center Station, the property boasts excellent egress and ingress from freeway arteries.
Located in the heart of the Central Business District (CBD), Citicorp Center is within walking distance to Downtown Los Angeles’ fine hotels, restaurants, and clubs. In addition, the property is just blocks away from the Staples Center, the future home of the Lakers, Kings and Clippers. (In anticipation of the upcoming arena, a shuttle is being planned between the building and arena, for added convenience.)
Efficient Floor Plates. In general, a rectangular floor plate is the most efficient and flexible shape for an office space and is considered the best for both full floor and multi-tenant use.
Featuring 41 stories of premier office space, each floor at Citicorp Center is approximately 22,000 square feet of flexible and efficient office space for both full floor and multi-floor tenants. The floorplate is considered the best in the CBD, with an unbeatable rentable/usable loss factor.
Parking. On-site parking is key for convenience as well as security. An office project that offers on-site parking provides better “access control”.
The Citicorp Center garage is a good example of a building with on-site parking, featuring 2,500 stalls. Executive parking is available directly underneath the building.
Amenities. Look for an office property that is located close to activities and entertainment and offers conveniences for your employees. Dining options ranging from fast food to white tablecloth should be easily accessible for everyday dining and client entertaining. Services that make day-to-day life easier for your employees are important.
Citicorp Center’s on-site amenities include its own three level retail center: Seventh Market Place. TrizecHahn is working to create a premier dining, entertainment and retail center. The mall features one of Downtown LA’s most complete International Food Courts, just steps away from building offices. New additions include: California Pizza Kitchen (set to open in spring 1999), American Express Travel, Mrs. Beasley’s/Miss Grace Lemoncakes, and a Holiday showcase of seasonal merchants. A second, full service restaurant/ bar and additional retail stores are currently in the works.
Tenant Functions/Activities. Office events are fun and entertaining for employees and can provide much needed stress-relief and an opportunity for employees to socialize with each other in an out-of-office environment.
For example, Citicorp Plaza activities include numerous donut receptions, a summer concert series, the Seventh Market Place weekly Farmers Market, and the Annual Official Christmas Tree Lighting for Downtown Los Angeles, this year, kicking off the holiday season on December 1st.
Stable Ownership/ On-Site Leasing/ Management. Stable building ownership is important to the maintenance of the office property. In addition, on-site leasing and management are indications of enhanced services, including quick response to building issues.
TrizecHahn is well known for its efficient building management style. Citicorp Center ranks in the top five percent of office properties in terms of operating efficiency a savings that is directly passed on to the building tenants. A comprehensive program, currently in place, is aimed at improving services, creating new efficiencies and adding innovative programs for Citicorp Center tenants.
As you can see, good office space is more than just economics, and taking the time to research it makes good sense for the health of your company and your employees. The payback is measured in happier employees and increased productivity.
Shana Yao is Marketing Director with TrizecHahn.
CITICORP CENTER AD COPY
LABJ
(SEE FOLLOWING FOR SAMPLE LAYOUT)
CITICORP CENTER
? Convenient shopping at the on-site mall, Seventh Market Place
featuring Robinsons*May, an International Food Court,
professional dry cleaners, printer, shoe shine and repair, and much more!
? Access directly across the street from Metro transit’s main terminal
? Downtown’s most convenient freeway access
? Convenient parking
TRIZECHAHN
OFFICE PROPERTIES (logo)
725 S. FIGUEORA STREET
SUITE 1850
LOS ANGELES, CA 90017
213.955-7170
