This Week's LA Deal Sheet
Avison Young has negotiated a new, full-floor lease totaling 23,589 on behalf of PSI Services in Glendale.
611 North Brand Blvd. in Glendale, Calif.
PSI offers pre-employment testing, licensure and certification testing solutions to corporations, professional associations and government regulatory agencies.
Avison Young principal Jacob Bobek, based in the company’s downtown L.A. office, repped the tenant.
PSI signed an 11-year lease and will take up the entire 10th floor in Glendale Center, a 14-story, 399k SF Class-A office tower at 611 North Brand Blvd. It was built 45 years ago.
Avison Young principal Jacob Bobek
Bobek said PSI was interested in relocating its corporate headquarters from Burbank to a more central location for its employees, with good amenities within walking distance and freeway access off the 134.
"Overall the location of submarket, location of the building, and quality of building/ building ownership were top considerations for PSI," Bobek said.
The building's owners have recently made some upgrades to the common areas of the building. JLL repped the landlord, LNR Partners.
Pacific Corporate Towers in El Segundo, Calif.
LEASING
Nativo, a technology firm specializing in native advertising, leased 25k SF for a new headquarters at Pacific Corporate Towers, or PCT.
The property consists of a three-building, 1.5M SF office complex at 100, 200 and 222 North Sepulveda Blvd. in El Segundo, Calif. Nativo will be relocating from 9k SF in the 200 building to the 100 building at PCT for its new corporate headquarters.
JLL’s Jason Fine repped Nativo in the lease. CBRE repped the landlord, GM Pension Fund/Blackrock.
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Wells Fargo Center in DTLA
Bonne, Bridges, Mueller, O'Keefe & Nichols leased a new, 10,302 SF office at Wells Fargo Center, a Class-A, 1.1M SF office building at 355 South Grand Ave. in DTLA.
The law firm is relocating its headquarters from Mid-Wilshire.
JLL Los Angeles executive vice president Darren Eades, executive managing director Tony Morales and vice president Maureen Hawley repped Bonne, Bridges, Mueller, O'Keefe & Nichols.
The landlord, Brookfield Office Properties, was repped in-house by vice president James Malone.
Valencia Commerce Center
Armen Living leased a 58,394 SF, high-image industrial building in Valencia to relocate and expand its headquarters. The five-year lease is worth approximately $2.8M.
Armen Living plans to move into the space at 28939 Avenue Williams in the Valencia Commerce Center on May 1.
The new headquarters will be used for distribution and online sales. Armen Living will expand from three buildings totaling 40k SF in Sun Valley.
The new Valencia facility features concrete tilt-up construction, 30-foot-high ceilings, five dock-high loading doors, a large concrete truck court and high-performance sprinkler system.
Hudson Commercial Partners managing principals Peter Steigleder and Kelly Betpolice repped Armen Living. NAI Capital executive vice presidents David Young and Chad Gahr repped the property owner, 12800 Wentworth.
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Rendering of The CalEdison DTLA
RE-BRANDING
One Bunker Hill in DTLA is being re-branded as The CalEdison DTLA.
At the corner of Fifth Street and Grand Avenue, the 14-story, 277k SF building is undergoing some long-term improvements and technological upgrades to preserve its historic character while reimagining it as creative office.
The 86-year-old building is the former headquarters of the Southern California Edison Co. The property is a locally designated Art Deco landmark listed on the Register of the California Office of Historic Preservation.
It was bought in late 2015 by JV partners Lionstone Investments and Hermes Investment Management. Rising Realty Partners is overseeing the redevelopment, and Industry Partners is the leasing brokerage.
The CalEdison achieved LEED Platinum certification in December.
3330 Cahuenga Blvd. W in Universal City, Los Angeles
SALES
NGKF Capital Markets brokered the sale of a five-story, 103,154 SF, Class-A office building at 3330 Cahuenga Blvd. W in Universal City to L.A.'s 4M Investment Corp.
The property is 98% leased to tenants including Extreme Reach, Panasonic, EPS-Cineworks and Abominable Pictures.
NGKF Capital Markets president, West Coast capital markets Kevin Shannon, senior managing director Rob Hannan and managing director Michael Moll, along with local market leasing team Industry Partners' Rob Erickson and Trevor Belden, repped the seller, Blackstone.
