Happy Pi Day. We considered calling this building the Pi building at one point (because of the address, 31416 Agoura Road), but when we test marketed it, it was too obtuse. In future years, we may have a building lunch to celebrate Pi day at the property.
Today, a very interesting article came out in CoStar (the commercial real estate website). It describes exactly what we are doing with Creative Office Properties:
Changing Office Trends Hold Major Implications for Future Office Demand - CoStar Group
Phase I is nearing completion, as RPA is busily at work finishing the Commons, hanging the canopies on the four corners of the building, finishing the decks in the atrium areas and working on the Spec Suite.
We are beginning to generate some leasing activity. We are negotiating with two technology-related tenants, and have several others interested as well. We expect leasing activity to really pick up in April with our Broker Open House on April 23rd.
Our accountant is putting the finishing touches on the K-1s, and we expect to put them in the mail tomorrow. We apologize for the delay-- we had some details to work out accounting for the property acquisition. The good news is that we were able to book some significant depreciation, so you have a loss to offset any passive gains. Next year, we will have them out a lot sooner.
