LBA Realty

Los Angeles, California

Macy + Associates was retained by LBA Realty to reposition and reintroduce the former Transamerica mixed-use office complex to the Downtown LA marketplace. After acquiring the neglected and underperforming asset, LBA embarked on a $35 million renovation program to bring the 1 million square-foot property to modern Class A status. The Agency’s core directive was to create a new brand for the property that would reintroduce the newly renovated environment to the marketplace and maximize the Client’s return on investment. The goal was to increase awareness which supports leasing momentum, higher rates and an upgrade in tenant quality.

Challenge:

• Create and promote a compelling new Brand for the underperforming property, targeting both commercial and retail tenants and brokers.
• Change public perception of the project within the local downtown and greater Los Angeles Marketplaces.
• Change public perception of the growing South Park submarket, highlighting the entertainment and residential growth surrounding the LA Live complex.
• Position the new “AT&T Center” as an amenity rich, Class A campus environment comparable to the finest in the financial district.

Strategies:

• Rename the project after the largest current corporate tenant, AT&T, leveraging the brand image and longevity of one of America’s longest tenured companies.
• Develop a comprehensive re-branding campaign, including messaging and a dynamic new property logo that is reflective of the quality of the newly redeveloped property.
• Design and develop a compelling new Leasing/Marketing Brochure for the property that highlights its impeccable quality, location, amenities, as well as its LEED®Gold status.
• Design and implement a strategic local print advertising campaign geared towards brokers and potential tenants, highlighting the property’s most attractive attributes.
• Develop and implement a strategic public and media relations campaign around the completion of redevelopment to increase top of mind awareness.

Results:

AT&T Center opened to great acceptance by the market, achieving more than 90% occupancy within the new, modern retail space on the ground floor.

Office leasing demand increased dramatically among new tenants previously unreachable, and existing tenants were willing to expand and commit to long-term occupancy, all at rates at the top of the South Park submarket.