Downtown Tenants Lease 51,000 SF in Two Buildings

Alchemy signed the deal as a subtenant of Charter Holdings Inc. a wholly owned subsidiary of Wells Fargo that is the master-lessor of the Garland Center. Jason L. Warner, a senior vice president at CB Richard Ellis who represented the Garland Center, points out that an infrastructure improvement project of approximately $35 million is nearing completion at the building. The improvements to the utility power, back-up power and mechanical equipment are designed to add to its appeal to data center tenants.

The Garland Center is a 12-story, 724,469-square-foot building featuring both office and data center space as well as retail. Anchor tenants in the building include Bank of America and the State of California Department of Housing.

Alchemy Communications, which provides information technology services for businesses, was represented by Gerald L. Eggleston, a senior vice president with Grubb & Ellis. Terms of the deal were not disclosed, but in a deal in August, when two Los Angeles city agencies that renewed their leases for a combined 170,000 square feet—Community Development Department and the L.A. Department of Housing—the combined value of the 10-year leases was pegged at $47 million.

[IMGCAP(2)]In the Veatch Carlson lease, the law firm renewed its lease for seven years at 700 S. Flower, where it has been a tenant since 2002. The renewal represents a reduction of about 20% in the amount of space occupied by the law firm, according to Maury Gentile of Grubb & Ellis. Gentile was part of a team including Sean O'Leary, Brian Denton and Mark Sokolowski of the Grubb & Ellis Tenant Advisory Group that represented Veatch Carlson. Terms of the lease were not disclosed.