Financial terms of the lease were not disclosed, but based on current asking rates for the space, the total consideration for the lease could be in the neighborhood of $20 million.
Fremont will be moving out of approximately 50,000 sf of space at its current headquarters, 2020 Santa Monica Blvd., according to the Cushman & Wakefield team of Jeffrey Woolf and Robert Erickson, who represented the financial services company.
Erickson says Fremont expects to move to its new location at 2425 Olympic Blvd. In October, he says that the financial services company will occupy the entire 62,049-sf third floor of a 327,860-sf, six story office building at 2425 Olympic Blvd. The financial service company's new headquarters will be in one of eight buildings comprising the 1.3-million-sf Water Garden development. The landmark Water Garden project is situated on 17 acres and was built in several phases beginning in 1991.
The landlord, Water Garden Co. LLC, was represented by Jeff Lasky of the Trammell Crow Co. Fremont General Corp. is a publicly held industrial bank holding company whose Fremont Investment & Loan provides nationwide commercial and residential real estate lending. Fremont Investment & Loan has commercial real estate loans in its portfolio located in 41 states and it originates residential real estate loans in 45 states.
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