With Santa Monica enjoying historic rent growth and recordoccupancy rates, "locking in this expansion space while extendingthe lease term is a highly strategic move for the tenant," Preisssays. Callison's lease includes provisions for the architecture anddesign firm to spend "a significant amount of money to upgradetheir premises," Preiss adds.

Promenade Gateway, also known as Janss Court, is the largestmixed-use development on the Third Street Promenade. The groundfloor of the seven-story building is home to restaurants, clothingretailers and a multiplex theater. Above the retail component arethree levels of office, including tenants such as Callison andMorgan Stanley, topped by three additional levels of luxuryresidential apartments.

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