With Santa Monica enjoying historic rent growth and record occupancy rates, "locking in this expansion space while extending the lease term is a highly strategic move for the tenant," Preiss says. Callison's lease includes provisions for the architecture and design firm to spend "a significant amount of money to upgrade their premises," Preiss adds.
Promenade Gateway, also known as Janss Court, is the largest mixed-use development on the Third Street Promenade. The ground floor of the seven-story building is home to restaurants, clothing retailers and a multiplex theater. Above the retail component are three levels of office, including tenants such as Callison and Morgan Stanley, topped by three additional levels of luxury residential apartments.
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