This Week's LA Deal Sheet
At a time when the future of office space in Downtown LA remains unclear, Brookfield announced a handful of new leases and renewals in two of its Downtown office towers.
General contractor Clune Construction and law firm Pillsbury Winthrop Shaw Pittman signed leases in the 41-story EY Plaza in the Financial District. Clune, which is based in Chicago, inked a 16.3K SF lease that will house its expanded LA operations. Pillsbury Winthrop Shaw Pittman renewed a long-term lease for its 51K SF offices in the building.
At the two-tower Wells Fargo Center nearby, two law firms and a commercial bank committed to space. GBC International Bank signed a lease and will move its LA headquarters into the Wells Fargo Center. International law firm Reed Smith renewed its lease for 66K SF across three floors in the complex’s south tower, and Detroit-based Dykema Gossett renewed its 25K SF lease in the north tower.
Kidder Mathews has promoted Paul Klink to president of client services, a newly created role. Klink will focus on expanding client relationships across the firm’s service lines. He will be based in the firm’s Orange County and San Diego offices but will serve the entire West Coast.
Avison Young has named John Eichler a principal and regional head of Southern California agency leasing. Avison Young also added Tyler Stark as a senior vice president in the firm’s Downtown LA office. Working together, Eichler and Stark will specialize in delivering value to institutional landlords in the leasing, disposition, and marketing of office and mixed-use buildings, as well as land and adaptive reuse development projects. Eichler and Stark join Avison Young from Cushman & Wakefield.
Industrial development powerhouse Prologis Inc. purchased the Downtown LA Greyhound station for $88M. Greyhound will lease back the facility at Seventh and Alameda from Prologis for two years, time that will be spent relocating the terminal “to a more convenient and attractive location for customers,” the terminal’s owners, FirstGroup PLC, said in a statement.
Prologis said that purchasing the 8.29-acre site was part of the company’s plans to buy properties close to urban cores. Plans for the site include industrial, transportation logistics development or renovation of the existing facilities to create a last-touch facility, Prologis said.
Kidder Mathews’ Jon Reno, Mark Vanis and Trevor Gale represented Prologis. CBRE’s Phillip Sample, Chris Caras, Michael Shustak and Guy Ponticiello represented Greyhound.
Lee & Associates negotiated the sale of two Burbank office buildings at 4115 West Burbank Blvd. and 120 Cypress Ave. Together the sales totaled $5.7M. Smart Business Solutions, a home health and consulting provider, bought 4115 West Burbank for $3M. An undisclosed buyer spent $2.7M on the roughly 8K SF creative office building located at 120 Cypress.
A New York-based firm purchased a Santa Fe Springs industrial property for $12.4M. The tenant at 10329 Painter Ave. had recently signed a 10-year lease extension at the property. The buyer was represented by CBRE’s Gary Stache, Anthony DeLorenzo, Mark Shaffer, Doug Mack, Bryan Johnson, Sean Ward and Chris Ehrlich and advised by Zurich Alternative Asset Management, a New York-based global insurance group. The seller, a private investor, was also represented by CBRE.
CBRE’s Sean Sullivan, Mike Longo, Todd Tydlaska and Will Pike worked with Hayes Commercial Group’s Steve Hayes and Francois DeJohn to represent the seller, a joint venture between Montana Avenue Capital Partners and Brasa Capital. The sale price was not disclosed.
The property at 50-90 Castilian Drive in Goleta includes “the three-building headquarters of a publicly traded technology company specializing in a cloud-based business software solution,” CBRE said in a statement.
Newmark completed the $39.7M sale of South Bay Village, a 107.5K SF grocery-anchored shopping center in Torrance. The seller, Regency Centers, and the buyer, Charing Cross, were represented by Newmark Vice Chairman Bill Bauman and Executive Managing Director Kyle Miller along with Westmac Commercial Brokerage Co.’s Luke Palmo.
CONSTRUCTION AND DEVELOPMENT
Space Investment Partners has completed the redevelopment of a nearly 52K SF industrial building in Costa Mesa. SIP purchased the property in 2019 with the goal of bringing a first-class industrial project to the heart of Orange County. All units include 4-by-8-foot skylights, LED lighting, loading doors and single-story office space. The property has been rebranded as Briggs Corporate Center.
JLL’s Wade Tift, Byron Foss and Nick Carey are marketing three separate units for lease or sale.
C.W. Driver Cos. completed a $23M performing arts complex at Woodbridge High School for Irvine Unified School District. The 36K SF facility features an orchestra pit, dressing rooms and a 650-seat theater.
Woodbridge is an acclaimed performing arts high school. It was named a Signature School by the Grammy Foundation for its outstanding music program, one of 13 schools across the country to receive the designation.