LOS ANGELES, CA – September 12, 2013 – (RealEstateRama) — Passco Companies, LLC., a privately held Calif.-based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has announced the repositioning of The Promenade at Howard Hughes Center into a comprehensive entertainment destination, according to Howard Wong, Director of Leasing at Passco Companies.
The retail center is located within the rapidly growing “Silicon Beach” area of Los Angeles’ Westside.
“The business and residential submarkets surrounding The Promenade at Howard Hughes Center have undergone a massive demographic transformation over the past five years, bringing in creative professionals involved in the entertainment, creative tech, and gaming industries,” Wong notes.
“Our decision to reposition The Promenade at Howard Hughes Center was a response to the increased demand for unique dining and entertainment options within this urban market.” he adds.
According to Wong, this demand is the result of a number of factors, including the area’s dense residential housing market; the influx in creative entertainment companies relocating to the area; an increase in on-campus student housing at local universities; and an increase in tourist and business travelers in nearby hotels.
Wong notes that an increasing number of creative entertainment and tech companies are securing office space in this area. In addition, residential development continues in neighboring Playa Vista, as well as within the Howard Hughes Center itself.
“The Howard Hughes Center is on track to become a self-contained community, where residents can live, work and play all in one center,” Wong says. “This type of destination is especially attractive to young professionals who are beginning to buy homes and rent upscale residential units in this newly thriving submarket.”
New National, Entertainment/Restaurant Tenants Join The Promenade at Howard Hughes Center
As part of this new repositioning, Passco Companies recently added two national tenants to The Promenade at Howard Hughes Center, Dave & Buster’s and Buffalo Wild Wings. Both tenants are currently under construction and slated for openings in late 2013.
In addition, Cinemark, the third largest theater operator in the country, acquired Rave Cinemas and will continue operating and enhancing this premier movie theater.
“The theater is one of the first to offer upscale, first-run movie viewing with modern dining and beverage services in a family-friendly environment. As such, Cinemark continues to attract an increasing number of entertainment-seekers to the center,” says Wong.
“Cinemark Theater, Dave & Buster’s, and Buffalo Wild Wings are a strong start to our repositioning,” Wong says. “Along with our existing restaurants we are actively seeking more entertainment/restaurant tenants such as upscale bowling, unique restaurants and brand experience stores, among others.”
Wong notes that the location of The Promenade at Howard Hughes Center is a strong draw for national tenants wanting to establish a location within this traditionally space-limited urban market.
“The visibility we can deliver to these national tenants is unmatched in this area,” he says. “Based on the center’s location along the 405 freeway, we can provide tenants with tremendous brand exposure to the millions of people who travel the 405 every day.”
In addition to freeway visibility, The Promenade at Howard Hughes Center gives entertainment venues an opportunity to attract not only local business professionals and residents, but also a large university student population, according to Wong. Located in a major tourist area and near LAX, The Promenade at Howard Hughes Center is also in close proximity to many colleges and universities, including Pepperdine University’s Graduate School of Education and Psychology, Loyola Marymount University and Otis College of Art and Design.
The Promenade at Howard Hughes Center is located at 6081 Center Drive in Los Angeles, Calif. More information is available at www.hhpromenade.com.
About Passco Companies, LLC
Passco Companies, LLC is a nationally recognized market leader in the acquisition, development, and management of multi-family and commercial properties throughout the U.S.
For more than 15 years, Passco has delivered sound investment strategies to clients, partners and investors, enabling them to create, maintain, and add value to their portfolios through a full set of real estate services, including investment advice, asset management, and brokerage, as well as property development, construction, and management services.
Headquartered in Irvine, California, Passco holds a diverse cross section of prime retail, multi-family, office and industrial properties nationwide, and has acquired, managed, and/or developed over $3 billion in property since its inception. The company is currently involved with 67 properties in 20 states, and is actively growing its investment portfolio in primary and secondary markets throughout the nation.
Corynne Randel / Jenn Quader
Brower, Miller & Cole
CRandel (at) browermillercole (dot) com