595 Colorado
595 Colorado Associates
A Historic Landmark in Pasadena
Challenge
Giving new life to a vintage building
This historic building dating back to 1927 was designated a Historic Landmark in July of 1987. The façade of 595 Colorado was in need of renovation and a full floor build out was needed to create a multi tenant floor. This eight story 98,949 sq. ft. over basement office building could also benefit from tenant occupancy improvement. Charles Dunn Real Estate Services, Inc. was assigned to the construction and property management of this building, as well as the new management team to interface with challenges posed to 595 Colorado by the multi-use Trio development project.
Solution
Providing a complete array of services to preserve the building
Charles Dunn management established a cost-benefit analysis, which provided a detailed construction budget and timeline to meet the owner’s objectives. Working closely with the building’s General Contractor improvements were made to the façade of the building. Along with the building’s architect, a newly designed and constructed common area corridor on the 2nd floor was built out to accommodate a multi tenant floor.
The management team of Charles Dunn successfully displaced on site parking for 3 years by implementing a plan to provide sufficient shuttle service to nearby off site parking locations to minimize tenant inconvenience during the Trio construction. Given the unique tenant make up of 595 Colorado, a key factor to the success of the transition was understanding the tenants and keeping an open line of communication at all times.
Result
A cost-efficient renovation and new management
As a result of several building improvements, occupancy has continued to increase, bringing us to our current occupancy of 99%. Since Charles Dunn Real Estate Services, Inc. has taken over management of the property, revenue has increased and operating expenses have continuously decreased. Charles Dunn played a key role in the success of both the Trio development and 595 Colorado, by being able to maintain a good relationship with both the developers and the tenants.