Electrifying offer – Lease a building, get a Tesla

Posted by Cohen Asset in Press Releases

San Francisco Business Times by Jim Gardner, Managing Editor

The Model S, built in Tesla’s Fremont factory, was designed to reach 60 miles per hour in 5.6 seconds, at $50,000 to $97,000 each.

A Newark landlord is testing the theory that to attract a Silicon Valley crowd, you have to drive like a Silicon Valley crowd.

In hopes of drawing a Silicon Valley tenant to an industrial property in Newark, Cohen Asset Management Inc. is dangling an electric-powered Tesla Model S sedan as a prize for the broker who can lock in a tenant for its vacant, 70,000-square-foot research and development property at 7000 Gateway Blvd.

“The Silicon Valley commercial real estate market is extremely strong in the 101 corridor, and as rents have increased, we are seeing companies look to the East Bay for high-quality real estate,” said Chip Sutherland, a broker with CBRE, who is marketing the property along with Sherman Chan, also of CBRE.

The Model S, built in Tesla’s Fremont factory, was designed to reach 60 miles per hour in 5.6 seconds, at $50,000 to $97,000 each. Cohen Asset Management has already ordered the car for the incentive and went with the high-end version.

Landlords offer brokers incentives all the time — even just for showing up to an open house, but a Tesla Model S raises the stakes.

Brad S Cohen, president and CEO of Los Angeles-based Cohen Asset Management, said the incentive demonstrates a focused approach for targeting the right brokers.
“While it sounds like a big deal, for us it represents one month’s worth of rent,” Cohen said. “We decided we wanted to go all out to get the attention of the top tenant brokers in Silicon Valley.”

Cohen Asset

1900 Avenue of the Stars Suite 500 Los Angeles, CA 90067 • Mailing Address: PO Box 24710 Los Angeles, CA 90024
T: 310-860-0598 x 500 • F: 310-860-5461 • M: 310-892-7480
bradley@cohenasset.com
www.cohenasset.com

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