In 2002, NRES responded to the urgent need of a development equity partner to take over the construction of a distressed office/retail property in downtown Santa Monica, California. The original sponsor had let the project grind to a halt in a morass of subcontractor liens.

With the building approximately 80% complete, a team of NRES construction management and property management professionals stepped in to complete the project and handle the building's management. Liens were sorted out and cleared, and plans were put in place to transition into operations mode as soon as construction was complete.

The ground floor space had been leased to a yoga studio, but plans for their space had not been prepared. The landlord found themselves in default of the lease due to the late delivery of the building shell. When a national business furniture dealer showed interest in the building, the NRES team arranged for a beneficial termination of the first floor retail lease. Additionally, NRES helped facilitate the lease to the furniture firm and the sale of the building to an investor at a cap rate befitting the strong credit of the tenant.