LOS ANGELES-Office tenants have signed for 85,000 sf of space in two deals negotiated by CB Richard Ellis in Southern California. One is a 60,000-sf lease at a Rreef property in Torrance, the other a 25,000-sf lease at a Panattoni development in Thoursand Oaks.
In the Torrance deal, which is the largest office lease completed in the submarket since 2000, based on CBRE historical comps, Torrance Memorial Medical Center signed an eight-year deal for the entire third floor at Rreef Torrance Campus. The property is at 3120 Lomita Blvd. and is adjacent to the hospital.
Rreef was represented by Dave Smith, Gregg Kirkpatrick and Phil Brodkin of CB Richard Ellis in the net lease transaction, which is valued at approximately $8 million. Rreef bought the 572,000-sf property in December of 2006 and has since been marketing the available150,000 sf of office space. Craig Leach, chief executive officer of the hospital, says that the building fulfills a strategic need for the hospital because of its expansion plans. He cites the location of the building, the efficiency of the floor plates and “the abundance of parking” as reasons that the hospital chose the space, which Torrance Memorial will use for administrative offices and some other ancillary purposes.
Article By: Bob Howard of Globe St.com