Since Realm, a real estate and investment company, acquired the building sitting at 200 Pine Avenue in 2008 and invested $4 million in capital improvements in the property, the 70,000 square foot mixed-used tower has seen a boom in occupancy rates.
Occupancy within the building has increased from 71.5% to 85%, a 13.5% improvement, between period fourth quarter of 2008 and fourth quarter 2011. Over that same time, occupancy for comparable properties (Class B) in Downtown Long Beach dropped from 86.2% to 83.3%, a decrease of 2.9%. On a net basis, Realm’s actions have led the 200 Pine building to outperform its direct competition by 16.4% over the last three years.
“As a neighboring property owner on the 200 block of Pine Avenue, it’s great to see the successful investment that Realm has made within Downtown and that will impact the entire Long Beach community,” said Dev Mavi, owner of the 240 Pine Avenue building. “Good, growing companies mean more good jobs within community – and good jobs lead to a healthier, safer, and more prosperous city.”
Even downtown residents are noticing the difference. “As a Promenade resident, I bought in this community because I believed in Downtown’s ability to mature as an urban center,” said downtown resident Geoff Graham.
The building also inaugurated its 200 Pine Marketing Suite with Mayor Bob Foster on hand, a place designed to be a showcase tool for Downtown Long Beach as a means to attract investment and tenants to the vibrant urban city center.
“During Retail Visioning, we developed a vision for all of Downtown, Pine Avenue included, and these restaurants follow perfectly with what the community envisioned as a competitive positioning,” said Loara Cadavona, Downtown resident and Co-Chair of the DLBA’s Retail Visioning Steering Committee. “The addition of 200 Pine’s collection of high quality, international eateries and entertainment establishments enables Pine Avenue to embody the diversity of Long Beach as an international city.”