TORRANCE, CA—Japanese air carrier All Nippon Airways has signed a lease with Bixby Land Co. for a 25,000 square foot space at the Pacific Center, a LEED-certified, Energy-Star rated building. All Nippon will occupy 10% of the 250,000-square-foot building, and use the space to upgrade technology equipment and for systems support.
Bixby Land Co. recently completed a major renovation and repositioning of the building, which the company purchased in 2013. With a goal to create a high-end, class-A building in the South Bay, the renovation added outdoor meeting space, eco-friendly landscaping and upgraded the office units as well as common areas. Office units now range in size from 2,000 to 10,000 square feet.
The renovation has fueled interest in the building. Since its completion, Bixby Land has signed 55,000 square feet in leases and expects to sign an additional 20,000 square feet in the next 30 days. An additional 20,000 square feet would bring the building occupancy up to 80%. The building has high-profile tenants that include Morgan Stanley, Bank of America, Wells Fargo Insurance and Living Social.
CBRE‘s Kenji Sakai represented the All Nipon Airways, and Madison Partners Tony Ranger represented Bixby Land Co. Bixby Land was unavailable to comment on the lease transaction before publication of this story.
The lease transaction and interest in the Torrance is good news considering the market will soon have a much higher vacancy rate when Toyota vacates the estimated 2 million square feet of office space that serves as its North American headquarters. GlobeSt.com reported in an earlier story that Toyota will move its headquarters from its current Torrance location to Dallas, TX in 2017. The move includes manufacturing divisions along with sales and marketing.