Office Tenants Fill 47,000 SF

Radiology benefit management firm American Imaging Management signed a new 23,191-sf lease to occupy the entire ninth floor at the building and will be opening a new operational center in Southern California as part of the firm's national expansion strategy. The company expects to move into the space in June in a long-term transaction valued at $5.8 million. Joketown has signed a new three-year lease to occupy 2,328 sf on the 10th floor.

Building owner LaSalle Investment Management was represented by Jones Lang LaSalle managing director John McAniff, vice president Tim Miller and leasing director Greg Nassir in both of the leases. American Imaging Management was represented by David Stein of Steinco Inc. and Joketown was represented by Mike Neil and Jerry Wacker of CB Commercial.

The 505 N. Brand building is a class A 16-story 319,864-sf building on the Brand Boulevard corridor, adjacent to the Glendale Galleria and 475,000-sf Americana at Brand retail and residential development that L.A. developer Rick Caruso projects to open in the spring. The 505 N. Brand building is 74% occupied, with tenants including AJ Gallagher, Bank of America and UnitedHealthcare.

[IMGCAP(2)]In the Marina del Rey deal, Jones Lang LaSalle managing director Chris Strickfaden reports that Gravity Interactive has relocated from its former Marina del Rey headquarters and expanded to occupy the 21,775 sf at the Glencoe Avenue building. The class A converted flex 46,238-sf building is one of three low-rise buildings that compose the 276,000-sf Marina Business Center. Terms of the lease were not disclosed, but it is believed to be a deal between $4 million and $5 million.

Strickfaden, who represented Gravity Interactive in the five-year lease, notes that the company has grown three-fold since establishing its US headquarters in Marina del Rey in 2003. Building owner Hankey Investment Company was represented in-house by Scott Dobbins.