A prominent family office in DTLA just redeveloped a hot property in an up-and-coming neighborhood in DTLA which needed branding support for the prospective tenants to see the vision for that area the same way the developers do. Vintage modern was the theme of the project and to brand a remodeled building in a way that secured 72% long term leases within 120 days of launch.
DTLA — “Downtown Los Angeles,” for the uninitiated — is busy becoming the center of the known universe. Take a trip over to 430 South Broadway, in the heart of the bustling Theater District, and you’ll find the historic former Bumiller-Blake building, recently restored and now home to 58 modern lofts.
Monetize, measure & refine
Reinventing an average building in an average neighborhood into an accessible luxury product due to spike in popularity and demand by millennial workers was difficult to navigate. Determining the right level of chic, without being too much for the area, and the right touches to demand highest per square foot pricing in the area required much research and assessment on how to do this correctly.
We furnished a comprehensive Sales & Marketing Assessment Report outlining all the key pre-sale, sale, and post-sale touchpoints for both the residential and commercial real estate. Complete with buyer intelligence and focus group testing against competitive properties and amenities, we successfully determined the best mix of elements to best Capture, Compel, and Close the target market.
As this was a new brand, we delivered a Sales Go-To-Market Playbook that best reflected our assessments as well as keen experience to best position the property to both residential and commercial real estate tenants. New lean data sales & marketing dashboards were implemented highlighting primary and secondary revenue opportunities as well as sales sheets for the sales team to begin pre-launch promotions.
With an easy tenant application process and digital portal for residents, Broadway Lofts DTLA had the tools to attract its first residents — and keep them happy, too. The creative direction that tested the best was a vintage-modern approach.
Armed with new sales tools, the real estate sales team were the main focus for our pre-launch marketing & sales training where we tested the new collateral and sales process to refine as needed. Pre-launch sizzle is essential for sales as it builds interest, anticipation, and motivates action once the product is available.
measure & refine
Working closely with the sales team, we saw a trend in the sales objections that came up in certain units in the building, as well as opportunities to refine our offering, incentive for longer term leases, and various tenant improvement credits to incentives commercial tenants.
The methodology we adopted resulted in securing 72% occupancy in long term leases within 120 days of launch, including a large national telecommunication brand as the anchor tenant on the street level.
- 72% occupancy in long-term leases within 120 days of launch
- 1st large national anchor tenant