Major Property Renovations Encourages Lease Renewal

April 28, 2009
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Many office building owners around the country are putting major dollars into new sustainable programs and property renovations to entice their tenants into renewing their leases.

For example, the Watt Companies, which owns Watt Plaza in Century City, California, just got Towers Perin Forster & Crosby to renew its lease for five more years in an agreement valued at approximately $10 million. A well-known global professional services firm that provides human resources, risk and financial management services, Towers Perrin occupies approximately three floors, or 43,163 square feet. The company had been leasing office space at Watt Plaza for more than 30 years.

The interior renovations already underway include a completely new landscaping program and upgrading the arrival area and plaza. The front carriage area is being reconfigured to valet service, and the plaza will be transformed into a landscaped outdoor area with seating.

Watt Plaza is also investing in modernization of the building elevators using new sustainable technologies. All elevators will be upgraded using a micro processor computer control system.

In addition, Watt Plaza has made green building compliant modifications and has applied for a LEED Gold certification.