Amstar says that its decision to place the Torrance Pointeproperty on the market is part of its ongoing three-to-five yearhold business strategy. New leases that Amstar has signed sincetaking over the building include 37,535 sf with AT&T and 14,296sf with Network Global Logistics, which plans to relocate itsnational headquarters to the new space.

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Amstar did not disclose an asking price for Torrance Pointe.According to a GlobeSt.com report at the time Amstar bought theproject, it paid $20.3 million when it bought the property from theNSLP Inc. division of Citibank in 2005. The class A officebuildings are located on Western Avenue in Torrance, adjacent tothe US headquarters of America Honda and Toyota.

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Scott Gibler, executive director at Amstar, says that thecompany completed "significant renovations" to the three-buildingoffice complex, including landscape design and upgrading of thecommon areas in all three buildings. In the leases with AT&Tand Network Global, Colliers Seeley's Geoff Ludwig and Doug Brawnrepresented Amstar. AT&T was represented by Robert Healey andTimothy Vaughan of CB Richard Ellis, with Network Global Logisticsrepresented by Nathan Piehl and Brett Racanelli of Equis.

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Cushman & Wakefield executive director Cole notes that theLos Angeles County office market continues to absorb space, withvacancy rates decreasing and asking rents continuing to rise.Vacancy has declined from 17% to 14% in the past year, he notes,with the rate expected to continue declining and net absorption forthis year estimated at one million sf. He also notes that theapproximately 100,000 sf of office space in Torrance that was leftvacant by Nissan when the automaker moved its headquarters out ofstate last year is now nearly occupied. It's "more proof of theupswing market in the South Bay," Cole says.

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