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LOS ANGELES-Sun Microsystems has inked a lease renewal for 33,000 sf of office space at Northpoint at Howard Hughes Center in Los Angeles.

The company, which provides products, services and support solutions for building and maintaining network-computer environments, has signed a three-year agreement. The deal is valued at $3.63 million.

Sun Microsystems was represented by Herb Hafter of Jones Lang LaSalle. The landlord, Arden Realty Inc., was represented in-house by Michael Pollack.

Office vacancy rates are expected to decline over the next two years, according to a recent report by Delta Associates, the research arm of Chicago-based property-management firm Transwestern Commercial Services. The report predicts that LA’s office vacancy rate will be at about 11.7% in mid-2003, down from today’s rate of 12.2%. The report credits a strong job-creation rate and a dearth of new development projects as important factors that will contribute to a decrease in the county’s office vacancy rate.

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