77.5 F
Los Angeles
Monday, Jul 4, 2022

Granite Properties Launches Flex Offering in Glendale

Plano, Texas-based Granite Properties has launched a new flexible office offering, dubbed Ready Collective, with locations in Glendale and Houston.

The Glendale location is at @TheBrand, a two-building complex at 500 and 550 N.  Brand Blvd. Ready Collective will be on the 10th floor of the 500 N. Brand Blvd. building.

 

Ready Collective has seven fully furnished office suites, which can house up to 28 employees each. It also has communal spaces and shared amenities such as a kitchen and meeting rooms. The suites can be leased for under a year.

Interiors for the space were designed by ASD | SKY. ClearTech designed the office’s tech solutions, including Zoom rooms.

“Many landlords, including us, have spec suites programs, and more and more are doing furnished spec suites coming out of the pandemic,” Jason Purvis, senior managing director of Granite Properties, said. “What’s unique to this is it’s highly amenitized around a common amenity core.”

 

In addition to Ready Collective, Granite Properties is also offering Ready Suites. Essentially spec suites, these spaces have longer lease terms than Ready Collective suites do. Ready Collective leases are under a year, whereas Ready Suites are for more than a year.

“In the pandemic we revamped our leasing program to focus on providing flexible options for our customers,” Purvis said.

He said Ready Collective was perfect for 10- to 28-person teams that want to move in quickly to a fully furnished building with flexible lease terms.

The product, he said, is not coworking space. @TheBrand already has coworking operated by Industrious. Purvis said that space is used by smaller companies of 10 people or less.

Another feature that sets Ready Collective apart from the building’s Industrious space is that Granite is managing the offering itself and not partnering with a third party, Purvis said.

Granite chose Glendale as one of the markets to launch its Ready Collective offering, Purvis said, because @TheBrand also has coworking, Ready Suites and traditional leasing, which would allow the company to test how all of the offerings work together.

He said the company was now offering office space that could range “from day-use space to 15 years of space without needing to go to another project.”

Purvis said Granite Properties is hoping to launch Ready Collective at other properties as well but was using Glendale as a test case and would “learn and figure out what we did well and what we did wrong and adjust from that.”

Purvis expects to see a tenant mix at the Glendale location.

“What we’ve seen is that flexibility, especially coming out of the pandemic, has really cut across industries. I don’t think we’re going to see an industry-specific concentration,” he said.

Granite Properties has been busy in the last few months. In December the company sold a nearly 153,000-square-foot office building at 2600 W. Olive Ave. in the Burbank Media District. Pacshore Partners purchased the property, which was 97% leased at the time of the sale. Granite had owned the property since 2014 and made more than $2.7 million worth of renovations to the 10-story building.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans covers real estate for the Los Angeles Business Journal. A USC grad, Madans has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

Featured Articles

Related Articles