In 2022, Cresa finalized a right-sizing long term transaction to reduce JMBM’s footprint from 90,000 rentable square feet to 70,000 rentable square feet and complete a major renovation to house the same number of employees in 20,000 square feet less, while achieving significant occupancy cost savings and operational efficiencies to address the changing ways law firms conduct business.
Additionally in 2022, we renewed JMBM’s lease long term at Jamboree Center in Irvine for 15,000 rentable square feet.
In 2010, Jeffer Mangels had 2 years remaining on lease, concessions had burned off and rental rate was higher towards the end of their lease. Cresa went to their landlord to restructure existing lease early knowing that they did not want to lose its largest tenant in a soft market environment. Additionally, we knew Topa was refinancing the building, which also made it critical to retaining JMBM. Cresa has negotiated all of Jeffer Mangels’ leases from 1986 to 2019.