Strategic Success - Project History
The Impresa Group played an instrumental role in the redevelopment of Figueroa Courtyard formerly known as The Park. The property has experienced nearly a 100% increase in occupancy in 24 months as a direct result. The property was 42% occupied. To date Figueroa Courtyard is 96% occupied. The project was awarded the 1999 TOBY Office Park of the Year by BOMA of Greater Los Angeles.

The Impresa Group's original strategy for the project as presented by the redevelopment team included:

  • Assembling a cohesive team that would effectively differentiate the project.
  • Obtain an 80% or better occupancy in 18 months.
  • Enhance cash flow where possible by thoroughly analyzing all operations and capital costs.
  • Recommend a reasonably priced capital budget plan with five key elements to significantly improve the property’s curb appeal from Class “C” product to “B+”.


 
 

What did you do different?
An initial capital improvement plan proposed by another firm prior to the renovation team being selected was in excess of $3.5 million. The renovation team, led by Ross Crowe, presented a budget to ownership for $2 million dollars and completed the project within 1% of budget. The REO Manager demonstrated exceptional flexibility through the process.

Prior to the renovation, the former owners were signing leases with new tenants at effective annual rents of $13.00 per square foot. New leases are now executed by the REO Manager at effective annual rents in excess of $22.00+, an increase of nearly 70%.

What did the client think?
Joe LaFico, REO Manager for Regency Savings Bank said, "With the renovation and the momentum of beautifying the downtown CBD, the value of Figueroa Courtyard has increased from $15.75 million to $27.5 million or more." Mr. LaFico elaborated further stating, "The creativity of the project team in redeveloping Figueroa Courtyard has made this a unique property in downtown LA and has convinced ownership to hold the project rather than to sell."


Any others like it?
A similar Impresa Group success story is the $10 million renovation and repositioning of 9100 Wilshire, formerly known as Wilshire Doheny Plaza with 20 renewals in nine months.

How else can your team assist Banks, Pension Funds, Corporations, Public Agencies and Individuals?

The Impresa Group has been responsible for site acquisition, facilities maintenance, capital improvement and lease negotiations for REO properties. The team opened 50 new offices in nine months for a rapidly expanding residential organization. We have also initiated a system-wide reconfiguration of the property management function that resulted in outsourcing REO management and overall staff reductions of 200 employees. Key personnel were successfully redeployed within the property management organization.

With such tenured team members, how do you influence "industry standards"?
Since 1993, The Impresa Group has reviewed depositions and provided expertise on real estate and asset management industry standards of care for 20 expert witness cases with approximately 15 of those going to trial. Beginning in 1993, in conjunction with the Forensis Group, The Impresa Group has worked on such cases as:
  • Queen & Associates v. Pacific Bell –Bernie LeSage, Esq. 1998 (Corporate Facilities, $20 million case)
  • MTA v. 3450 Wilshire – 1997 (Commercial, $10 million case)
  • Mitrea v. Decron Management – Susan Ghormley, Esq. 1994 (Multi-family)
  • Cole Behr v. Tallace Evergreen Investors – John Maxwell, Esq. 1996 (Multi-Family)
  • Flack v. US Elevator – Jay Pirkey, Esq. 1997 (Commercial)
  • Dominguez v. Hughes – Robert Kuhn, Esq. 1997 (Multi-Family)
  • Matavosian v. Yee – Chris Garcia, Esq. 1997 (Multi-Family)
  • Pinero v. Nokes – Hugh Radigan, Esq. 1997 (Industrial)
  • Montgomery Rabhany v. Mayer Crescent – Andrew Rudnicki, Esq. 1998 (Multi-Family)
  • Calliva v. Kui – Stephen Kaplan, Esq. 2000 (Multi-Family)
We also teach, lecture and write articles for various industry publications and associations.

As a client, we are considering an investment in real estate. What else can you do?

The Impresa Group assisted with the due diligence of a 2 million square foot portfolio consisting of five properties located in Northern California, Las Vegas and Hawaii. Additionally, The Impresa Group led the transition team for the takeover of this portfolio.

The Impresa Group has inspected over 300 various apartment sites throughout Texas and California and assisted clients in purchasing and operating approximately 10 sites consisting of 3,000 plus units throughout Texas and the Southwest.

All of the members of this team have significant experience in the preparation of Capital Budgets and Pro-formas with an eye toward meeting and managing the client’s expectations.