SAN DIEGO—Many factors need to be considered when rebranding an office asset, including the age of the building, time between renovations, tenant mix and the asset's changing reputation, Parallel Capital Partners' CEO Matt Root tells GlobeSt.com. The firm recently completed more than $1.2 million in renovations at the Ranch at Seal Beach and rebranded the class-A property, previously known as Bixby Office Park.
Parallel acquired the three-building complex in 2013 for $85 million and soon after embarked on a comprehensive rebranding and repositioning program, developing a new logo, name and signage for the property. We spoke with Root about what it takes to reposition and rebrand a class-A office complex and why ultimately it makes financial sense.
GlobeSt.com: What goes into a name change—and what makes it worth the considerable time and expense involved?
Root: A considerable amount of time and research goes into a name change. Things to consider include the property's reputation and history: how does that history fit within the community today and what is the ownership's vision of the property's future? Once those questions are answered, a new name can be generated. When a property is undergoing a renovation, as the Ranch was, the entire project is evaluated, and that often leads to a new name that better suits the project.
Incorporated in 1915 and originally part of Rancho Los Alamitos—a Mexican land grant—the Seal Beach community has a rich and diverse history. Our goal was to rename this property to honor its history and capture the spirit and history of the close-knit Seal Beach community.
Once the name was picked, we developed a signage package, landscaping and finishes to complement the new name. The value of updating the property is to continue providing a positive experience for its tenants and guests. Our approach seems to be working. The Ranch has attracted a world-class tenant roster including KPMG, Wells Fargo, Merrill Lynch and UBS.
GlobeSt.com: What factors do you need to look at to determine whether or not a property needs to be repositioned?
Root: Factors to consider include the age of the building, the time between renovations, the tenant mix and if the project meets the needs of that mix, as well as how the property's positioning/reputation has changed within the submarket.
GlobeSt.com: How do you keep abreast of the changing needs of your target tenancy?
Root: We have a professional on-site management team that maintains a close relationship with our existing tenants. We also work closely with local brokerage companies that are well versed in tenants' evolving needs. Finally, we always keep abreast of what other properties in the area are doing to be proactive in attracting the right tenancy.
GlobeSt.com: What key elements are needed to stay competitive with neighboring facilities?
Root: A clear understanding of tenants' needs along with a strong amenity package is important. We often run surveys to see what tenants are looking for and then create storyboards or design spec suites based on those responses.
SAN DIEGO—Many factors need to be considered when rebranding an office asset, including the age of the building, time between renovations, tenant mix and the asset's changing reputation, Parallel Capital Partners' CEO Matt Root tells GlobeSt.com. The firm recently completed more than $1.2 million in renovations at the Ranch at Seal Beach and rebranded the class-A property, previously known as Bixby Office Park.
Parallel acquired the three-building complex in 2013 for $85 million and soon after embarked on a comprehensive rebranding and repositioning program, developing a new logo, name and signage for the property. We spoke with Root about what it takes to reposition and rebrand a class-A office complex and why ultimately it makes financial sense.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
