USA Can I apply depreciation deduction from the Real Estate LLC to a separate income generating Business LLC with the same partners

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A client purchased a business and the property on which that business runs. Since then they have done $650K worth of improvements to the property. The business and the property are separate LLC's. The real estate doesn't generate any revenue. Can the improvements to the property be applied to the business to offset the income? Can depreciation deductions from Cost Segregation be applied to the business LLC?
 
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My suggestion to adequately obtain tax deductions is as follows:

1. I assume here the business is located within the property, and the business requires the property to function and carry out their activities - in which case, the property must charge an annual lease to the other business, at an arms length price.

2. The $650K renovations and improvements to the property must be capitalized to the property and depreciated over their assigned useful life. The way to transfer these "costs" to the business is, as I mentioned above, charge the business an annual lease by the property company in order to obtain deductions/reductions to the annual income of the business and thus lower the tax bill.
 

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