Office Tenants Renew for 115,000 SF

ValueClick, a publicly traded online marketing firm, decided on an early lease renewal four years after moving into its corporate headquarters, which is part of a two-building complex. The company, occupying the second floor of the 133,000-square-foot, two-story building, extended its lease term by seven years. The landlord, TIAA-CREF, was represented by Jim Lindvall of Jones Lang LaSalle and IDS Real Estate Group. A previous report on GlobeSt.com erroneously reported that the property owner was IDS Real Estate Group. IDS developed the property and owned and managed it; however, in May of 2004 IDS sold it to TIAA-CREF. IDS remains the property and leasing manager.

In another of the three deals, the North Los Angeles County Regional Center signed a 10-year lease renewal for 70,358 square feet at 15400 Sherman Way in Van Nuys. The center was represented by Brian Davies and David Toomey of Cresa Partners. North L.A. Regional Center, the anchor tenant, has been in the building since 1995. The center, one the largest of the 21 regional centers throughout California, serves people with developmental disabilities. The owner of the building, Embarcadero Capital Partners, was represented in-house by Mark Riches.

In a lease renewal in Downtown L.A., Taiwan Business Bank signed for 9,460 square feet in the US Bank Building at 633 W. Fifth St., according to Transwestern's Los Angeles office. The 10-year lease is valued at $3.3 million.

Taiwan Business Bank was represented by Transwestern executive managing director Jonathan Larsen, along with vice presidents J.D. DeRosa and Suzanne Lee. Larsen says that the new lease reduces the bank's annual rent by 15% compared with last year.

The bank chose to renew after a careful evaluation of the Downtown L.A. market, Larsen points out. "The landlord was very focused on retaining this quality tenant," he says. The landlord, Maguire Properties, was represented internally by Patrick McRoskey and Lalo Diaz.