LOS ANGELES-The County of Los Angeles has signed a 15-year, $48.4 million lease for 142,360 square feet of space at the L.A. Mart at 1933 S. Broadway that will house offices of the county's Children and Family Services Department. The lease is one of the largest of a number of office deals that have closed lately in Downtown L.A., including two law firm leases of 19,487 square feet (Dykema Gossett) and 17,500 square feet (Fitzpatrick & Hunt, Tucker, Collier, Pagano, Aubert).
The county's rent for the L.A. Mart space works out to a blended gross lease rate of $1.89 per square foot per month. The lease agreement includes 645 parking spaces and approximately $3 million in tenant improvements as part of the base rent, with further tenant improvements throughout the remainder of the lease to be borrowed as needed. The lease, which includes no automatic annual increases or operating expense pass-throughs, includes a cancellation provision.
The County of Los Angeles was represented by Nevin Harrison, Farron Chavarria and Miguel Covarrubias of its Real Estate Division. L.A. Mart owner Merchandise Mart Properties was represented by Paul Heinen, vice president of office and retail leasing; Mark Furlet, vice president/general manager; and Jim Nahin, vice president of leasing.
The L.A. Mart is owned by Chicago-based MMPI, a trade show and property management firm that is a wholly owned subsidiary of New York City-based Vornado Realty Trust, a publicly traded REIT. MMPI reports that the Department of Children and Family Services will occupy the Fifth and Sixth floors, as well as a portion of the first floor of the L.A. Mart. Moving to the L.A. Mart consolidates several major programs and services into one location for the Department of Children and Family Services, which will bring over 800 employees to the building. The County District Attorney's Metropolitan Office already occupies 6,100 square feet on the Seventh floor of the Mart.
Since buying the L.A. Mart in 2000, MMPI has invested more than $30 million in building improvements and upgrades in the property, which is at the corner of Broadway and Washington Boulevard. The Mart includes nearly 724,000 square feet of showrooms featuring furniture, giftware, home d
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
