Del Amo Crossing Gets $35M Reno

TORRENCE, CA—The Muller Co. is spending $35 million to renovate and reposition Del Amo Crossing, formerly Del Amo Financial Center. In an earlier story, GlobeSt.com reported that the Muller Co. purchased the property for $62.5 million in partnership with GreenOak Real Estate. The planned renovation includes the addition of 52,000 square feet, medical office space and retail—including a lease that has already been signed (but still not announced) with a health club—and will return the circa-1966 property to its original glory.

“The first thing that we are doing is putting in new restrooms and all new common areas completely,” Stephen Muller, principal at the Muller Co., tells GlobeSt.com. “We are trying to retain the charm so that when you set off the elevator the vestibules still have a grand feel about them, but that they are in today's style. In the lobbies, we are going to use terrazzo floors. The building was built in the 1960s, so we are taking it back to its original style.” The firm has tapped H. Hendy and Associates to design the new space in a mid-century style inspired by the building's architecture.

The property has a 12-story office building, a five-story office building and four pod buildings. The tenants in the five-story office building will be moved to the 12-story building, bringing the occupancy up to 80%, while the five-story building will be converted into medical office space. Muller says that he has already received interest from medical office tenants for the future space. “This is going to be a fantastic building,” he says. “It is going to be state-of-the-art, and I think it is going to be very well received.” It isn't only medical office tenants, however, that the firm is hoping to attract. They believe the renovation will attract more office tenants and higher rents. In addition to the 15-year lease signed with the health club, the firm is also in negotiations with a restaurant.

The renaming of the property to Del Amo Crossing is also part of the repositioning. Del Amo Financial Center signage came down last week and was replaced with Del Amo Crossing signs. “We wanted to rebrand the project to be more inclusive of the property,” Brandon Muller of the Muller Co., tells GlobeSt.com. “We wanted to keep the name Del Amo because it is an important historical name, and we didn't want to loose that. The crossing name is really tying in the various different components of the project.”