Josef Farrar and Mike McKeever in Studley's Downtown Los Angeles office represented the electronics manufacturer, which signed a five-year, $1.7 million renewal for the space, which is part of a 132,000-sf building at 5701 Lindero Canyon Road. The Studley brokers note that the lease saves Century Electronics approximately $350,000 compared with what the tenant would have paid under terms of the electronics firm's previous lease.
Farrar explains that a clause in Century's original lease would have tripled the rent at the expiration of the lease. With market conditions having changed in favor of tenants since that lease was signed, however, Farrar says the landlord agreed to more favorable terms for the tenant. The new lease also includes increased tenant improvements, retained signage rights, and termination rights. The building owner, H.P. Properties, represented itself.
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