The new lease at 2729 Wilshire Blvd. in Santa Monica represents a deal in which Kennedy Wilson Brokerage identified and courted an ideal tenant through execution on a build-to-suit play for its client's end-cap space. The property sits directly across the street from Erewhon Market on Wilshire Blvd., the Westside’s busiest retail corridor and epicenter of Santa Monica’s continued revitalization
Strategy & Results
Formerly the longtime home of an iconic smoke shop, the free-standing retail building remained vacant since shuttering its doors in 2017. Faced with the challenge of leasing space that previously sat available on the market for years, Kennedy Wilson Brokerage recognized the opportunity to maximize ROI and attract a high-profile tenant by transforming its small, existing footprint. The team collaborated with its client on the strategy of upgrading and repositioning the property as a new mixed-use development, leading with the creation of professional renderings to help prospective tenants envision the property’s potential and options for customization.
The future tenant, a global bank looking to move from its current location in an office building to ground-floor retail space with parking, was first engaged in late 2017. Kennedy Wilson Brokerage built a rapport with the company’s real estate decision-makers over the course of three years during face-to-face meetings at conferences and events around the country. Although the bank had been considering other potential sites, the team secured the deal thanks to its diligence and unwavering commitment to facilitating the specific needs of both parties during negotiations for a build to suit. Scheduled for completion by Q1 2022, the custom-built space will position the bank for enhanced storefront presence in a prime submarket as the new building’s sole ground-floor tenant.