5250 Lankershim, acquired 60% leased by DivcoWest in 2021 and renovated in a weak market, now stands 92% occupied with a strong, synergistic tenant base
LOS ANGELES, CA – May 7, 2024 – 5250 Lankershim, a 9-story, LEED Gold office building in the heart of the North Hollywood Arts District, is an example of how committed owners working with innovative landlord advisory teams can buck the trend of recent years and build leasing momentum.
DivcoWest, a DivCore Capital company, acquired the building in 2021 with 50,000 s.f. of vacancy in the 180,000 s.f. building. Partnering with Colliers, DivcoWest immediately began renovating the building’s common areas, inside and out, to create a hospitality-driven workplace destination with a welcoming indoor and outdoor environment that today’s tenants and employees desire. Through a thoughtful design approach, the team infused natural sunlight and open air into the lobby and used inviting soft seating and gathering spaces to create a relaxed, comfortable environment.
The improvements have quickly paid off. Recently, Chase Bank brought total occupancy to 92% by signing a lease for 5,500 s.f. on the ground floor. Chase followed Zeus Networks, an over-the-top streaming video subscription service; SameSky Health, a cultural experience company aiding health plans to engage with their patient audiences; and the LA campuses of Syracuse University’s S.I. Newhouse School of Public Communications and College of Visual and Performing Arts, into the revamped 5250 Lankershim.
DivcoWest and the leasing team from Colliers also created a separate ground floor entrance to accommodate clients visiting Kaiser Permanente, effectively providing a building within a building.
“We felt it important to be proactive in positioning 5250 Lankershim as a building where tenants and their employees would feel at home so creating a sense of place with a hospitality vibe was very important to us,” says Jared Crowley, DivcoWest. “This included the extensive improvements, the personal approach we took to prospective tenants and the service tenants receive from our property management team,” he added.
According to Anneke Greco of Colliers, “We were in lock-step with DivcoWest on making tours of the available spaces as experiential and personalized as possible and we received fantastic responses from prospective tenants.”
The personal touch carries on through building management. “Property manager James McIntyre is an integral part of what makes 5250 Lankershim stand out from other North Hollywood buildings,” says Crowley. “He is very responsive and tenant-focused, and he’s backed up by a tenant concierge to assist tenants whenever and wherever they need it. 5250 Lankershim really has the feel of a workplace hotel rather than an office building,” he added.
About DivcoWest
Founded in 1993 by Stuart Shiff, DivcoWest, a DivCore Capital company, is a vertically integrated real estate investment firm headquartered in San Francisco, with offices in Austin, Cambridge, Los Angeles, Menlo Park, Washington DC, and New York City. Known for long-standing relationships and experience across the risk-spectrum in innovation markets, DivcoWest combines entrepreneurial spirit with an institutional approach to commercial real estate. DivcoWest aims to create environments that inspire ingenuity, promote growth, and enhance health and well-being. Since inception, DivcoWest and its predecessor have acquired approximately 61 million square feet of commercial space – primarily throughout the United States. DivcoWest’s real estate portfolio currently includes existing and development properties in the office, R&D, lab, industrial, retail, and multifamily spaces. www.divcowest.com