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PRESS RELEASE / ANNOUNCEMENTS Saturday, November 24, 2012

Citibank Building Nears Completion

Major renovation will add approx. 12,600 sq. ft. of first-class Office space to the upper State Street corridor.


Before
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Before

After
Click to enlarge photo

After

The extensive transformation of a commercial building anchored by Citibank on the corner of State Street and Hitchcock Way is set to be completed by November 30th, according to Radius Commercial Real Estate & Investments who represents the building’s owner, State and Hitchcock LLC.

Upon completion, roughly 12,600 square feet of “new, modernized office space will be available for lease on the second and third floors,” said Radius Principal Bob Tuler. The building, which had not been updated since it was erected in the ‘70’s, had limited occupancy on the second and third floors over the last decade due to inefficient configuration and inefficient building systems.

“The upgrades were completed in such a way that flexibility was built into the design,” said Radius Broker Gene Deering. “A tenant leasing one of the 4,400 square foot spaces could easily expand into the entire 6,300 square foot floor plate.”

The building, located at 3757 State St. adjacent to Whole Foods, changed hands from Regency Centers to State and Hitchcock in October, 2011, and has undergone an estimated $2,000,000 in renovations including new efficient electrical, mechanical and HVAC which are expected to dramatically reduce costs for tenants. The remodel completes the total renovation of the Whole Foods Center and office building.

In addition to other interior fixes such as eliminating wasted hallway space and improving overall functionality by adding new offices, restrooms, stairs and elevator, the exterior of the building has also been modernized to benefit the aesthetic of the upper State Street corridor.

“The owner has committed to a total upgrade of all aspects of the space, down to the flooring and finishes, so that new tenants will be able to move in and go from day one,” said Tuler. “It makes our job as brokers easier working with an owner willing to do everything the right way and provide a Class A office space that enhances the experience of both tenants and clients.”

Radius Commercial Real Estate & Investments is a full-service commercial real estate brokerage serving all of the Central Coast. Locally founded and operated, Radius further distinguishes itself as a regional business leader by providing sustained industry data reporting and market forecasting.

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