Office Deals Include 4,800-SF Expansion

[IMGCAP(2)]Current TV was looking for a new centralized location to consolidate employees from its multiple Los Angeles locations, according to Gary Horwitz of Jones Lang LaSalle, who represented the growing media firm. He says that the space fit Current TV's needs since it was previously occupied by another television network and included much of the needed infrastructure. Los Angeles Center Studios was represented by Chris Bonbright, John Tronson, and Tom Barich of Ramsey Shilling.

In a deal in Westwood, office suites operator TechSpace Holding Co. has acquired the 20,000-square-foot operations of Nexspace on the 17th floor of Equity Office Properties' Westwood Center at 1100 Glendon Ave. TechSpace is negotiating to acquire additional office space in multiple New York and California submarkets as demand for its facilities continues to grow, according to James "Watty" Watson, CEO of TechSpace Holding Co.

As GlobeSt.com has reported, the recession has created conditions are ripe for the executive suites industry, which typically offers shorter terms and more flexibility than conventional office leases. Watson notes that as office building rents continue to decline, tenants are reluctant to make long-term lease commitments, a trend that is mentioned in many if not most of the office market research reports these days.

In a sublease in Marina Del Rey, learning products producer Alelo Inc. is relocating and expanding from 11965 Venice Blvd. in Los Angeles into 13,903 square feet in a two-story office building at at 12910 Culver Blvd. Alelo was represented by David Callahan of CresaPartners in Los Angeles. The sublandlord, Mead Westvaco, was represented by Geoff Ludwig and Greg Walsh of Colliers International.

The other two deals were medical office leases totaling more than 7,000 square feet and valued at approximately $2.3 million. At 120 S. Spalding Dr., orthopedic surgeon Dr. Brad L. Penenberg signed a lease for 5,309 square feet at the 63,000-square-foot class A office building. At 150 N. Robertson Blvd., Dr. Andrew B. Weiss signed a seven-year lease to occupy 2,043 square feet at the three-story, 60,000 square-foot building, known as Beverly Hills Medical Plaza.

Both tenants were represented by Raines Law Group partner Andrew Kirsh and by Steve Salas of Madison Partners. The owner of 120 S. Spalding, the Le Frak organization, was represented by Seth Weissman of Jeffer Mangels Butler & Marmaro. The owner of 150 N. Robertson, Beverly Hills Medical Plaza Ltd., was represented by Ron Mandell of Moss Levitt & Mandell.