100 Pine Street, San Francisco
100 Pine Street is a 400,000 square foot class A building in the heart of San Francisco’s Financial District. Unico Properties and a group of private investors purchased 100 Pine Street in late 2000. From the time of the purchase to December of 2003, only renewals were completed, and one new lease was signed.
Polatnick’s team was assigned to 100 Pine in January 2004. They worked to change the perception of the building by a. encouraging ownership to meet the increasing market demand for smaller pre-built suites (2,500-8,000 rsf), b.offering aggressive commissions of 100% commissions or 200% of first 15,000 square foot San Francisco deals, c. persistently following up with prospects, and d.submitting unsolicited proposals. A “buzz” was created about 100 Pine,and Polatnick’s team led tours for as many as 20 new tenants a week.
Within the first seven months of having the 100 Pine assignment, property repositioning in the brokerage community was greatly improved, the team had performed over 250 tours, had closed eight deals (42,000 RSF), and was in lease negotiations for an additional 50,000 RSF. Within a short period of time, Polatnick’s team achieved a 95% occupancy, which allowed the ownership to position the property for a very successful sale of the assets.