The Swig Co. Brings Office Tenants to DTLA

LOS ANGELES—The Swig Co. has signed five new leases at 617 7^th Street in Downtown Los Angeles, a 218,000-square-foot,12-story office building. The leases include two new tenants and three lease renewals, totaling nearly 26,000 square feet. The total of the new leases brings the building's occupancy to 88%.

“We drive occupancy through talented brokers and a lot of hard work,” Cory Kristoff, SVP of asset management at the Swig Co., tells GlobeSt.com. “The property is also fairly unique among downtown office buildings in that it already has a lot of the features creative tenants are looking for, such as high ceilings, open floor plans and concrete flooring. There is a lot of traditional office product in this market and vacancy throughout downtown is improving but currently running about 20%. The appeal of efficient, creative space in a building with 1920's ambiance and modern amenities seems to be strong based on our current occupancy.”

The new tenants are Officia Imaging, which signed a 63-month lease for 3,150 square feet, and Matura Farrington, which signed a 65-month lease for 5,696 square feet. Systra Consulting, Fraley and Associates and Illusion LLC renewed their leases at the property. “We've had great success with creative tenants such as architectural, design, marketing, PR and tech but we are open to any tenant looking for open creative space formats, including law firms,” says Kristoff.

The property was originally built in the 1920s and underwent an extensive renovation in 2001 to update the building facilities and add amenities, including a common area recreational amenity for the tenants' complimentary use off game tables, a large screen television, outdoor patio, exercise equipment and a basketball court. The property also has direct access to the metro line.

The Swig Co. also just partnered with the Intercontinental Corp. to purchase 6300 Wilshire Blvd. a 408,000-square-foot class-A office building in the Miracle Mile district of Los Angeles. The investor didn't reveal the price of the property, but industry sources revealed that the purchase price was $150 million.