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LOS ANGELES-Half of the 120,000 sf of sublease space at 500 N. Brand Blvd. is now spoken for with the signing of four new subleases, totaling more than 20,000 sf, according to Cushman & Wakefield Inc.

Robert Erickson and Jeffrey Woolf, C&W’s brokers for the sublease assignment, say the master lease is held by Fremont Indemnity, which previously sublet about 40,000 sf of the original 120,000-sf office block. In separate transactions totaling more than $1.6 million, mortgage company LGM Inc., United Title, Cesar Chavez Foundation and accounting firm Ferri & Co. all signed agreements running through the end of Fremont’s existing lease, which expires in 2007.

In the largest of the transactions, newly formed mortgage brokerage firm LGM Inc., will occupy 7,554 sf on the ninth floor of the 22-story, class A high-rise. Mark Miller of Stevenson Real Estate Services in Glendale represented the tenant.

United Title is relocating its escrow office from 15821 Ventura Blvd. in Encino to Glendale after signing a sublease for 5,096 sf. Gil Canton of CB Richard Ellis Inc. in Glendale represented the tenant.

Cesar Chavez Foundation now occupies 4,679 sf on the 16th floor of the building after signing a 54-month sublease. The non-profit organization relocated from 634 S. Spring St. in downtown Los Angeles. Erickson and Woolf also represented the tenant. Ferri & Co., previously located at 330 N. Brand, moved into 2,973 sf. Forest Blake of CRESA Partners in Los Angeles represented the tenant.

Erickson notes that while the Los Angeles office market is in relatively good shape compared with the rest of the country, it is “far from healthy” and saddled with a large amount of sublease space. According to Cushman & Wakefield research, approximately 5.5 million sf of sublease space remained on the market in Los Angeles County at the end of the first quarter, the last period for which figures are available. Total vacancy in the 182-million-sf LA County office market, including sublease and direct space, stood at slightly more than 33 million sf at the end of the quarter to give a combined vacancy rate of 18.1%.

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