The CRA's new space will be in the 180,000-square-foot (rentable) Gold LEED pre-cerified third-phase office project component of NoHo Commons, a Snyder development near the North Hollywood MTA Station that also includes a six-story 720-space parking garage adjacent to the office tower. The office building is 40% leased, with another 10% in final negotiations, Geller says. Details are still being ironed out for a family diner included in the third-phase plans.
Asking rate for the new Snyder office building is $3.25 per rentable square foot, full service gross. Geller represented Snyder in the lease, and the CRA was represented internally by the City of Los Angeles.
Geller comments that the 5250 Lankershim Plaza project "fills a unique niche in the North Hollywood market." He describes it as a "boutique, class A, nine-story" building that offers the services and amenities of a class A high-rise office tower while at the same time maintaining a more intimate feel. "This project is far from your standard generic office tower," citing high-end finishes and materials as well as the Gold LEED pre-certification and amenities like parking at a ratio of four vehicles per 1,000 square feet of office space.
The NoHo Commons project was approved in 2001. Phase one, completed in December 2006, includes a 438-unit mixed-income residential rental project. Phase two, completed June 2007, features 292 units of loft and live/work rentals and 60,000 sf of retail/commercial space including the HOWS supermarket, a bank, mobile phone store and several restaurants.
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