In the interim, the 15,736-sf space will be transformed into class A office space from Cloud Club, a popular, upscale social spot back in the 1960s, says Zaya Younan, chairman and CEO of Younan Properties Inc., which owns the 3550 N. Central Ave. office building. The 19th and 20th floors are connected by a spiral staircase and surrounded by windows offering unobstructed views of the mountains. The lease is valued at nearly $1.7 million.
DL Engineering & Controls will move from 2005 N. Central Ave., which is just down the street. "They have about 9,700 sf in their current building and decided to move when their lease expires in the summer because the building can't accommodate their expansion needs," Chris Krewson, an associate with CB Richard Ellis Inc.'s local office, tells GlobeSt.com. He says the firm looked about four months at the market's options, but moved forward on the Meridian Bank Tower lease because it had "great economics and building amenities." He represented the inbound tenant while Younan's terms were negotiated by Todd Noel with Dallas-based Trammell Crow Co.'s Phoenix office.
The engineering firm's pact pushes occupancy to 70% in the 275,000-sf, 20-story tower. Other tenants in the building include Make a Wish Foundation of America, Meridian Bank and Darcomm Supply Inc.
Woodland Hills, CA-based Younan Properties acquired the CBD building last year for $11 million from Credit Suisse First Boston. The company planned to spend about $1 million on refurbishing the tower, which carries a full-service rate of $13.50 per sf to $14.50 per sf.
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