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CERRITOS, CA-In a move from two industrial buildings it owns in Cerritos, Korean general trading company LG International has signed a 10-year lease for 18,723 sf of office space at Cerritos Towne Center, according to Grubb & Ellis.

Lonnie Riddle of the Anaheim office of Grubb & Ellis says the Korean firm, whose operations include LG Chem and LG Debon, is slated to occupy its space at the recently completed building at 17777 Center Court Dr. this month. Riddle and Ryan Campbell of the City of Industry office of Grubb & Ellis represented the tenant, with landlord Bloomfied Cerritos Associates LLC of Torrance represented by Rick Warner of the Anaheim office of CB Richard Ellis. The building owner is an affiliate of Torrance-based Transpacific Development Co., which completed development of the new office building last year.

The company will occupy nearly a full floor of the 165,000-sf, eight-story, Class A building, which brings the office tower to approximately 39% occupancy. Terms of the lease were not disclosed.

Thomas G. Irish, president of Transpacific, tells GlobeSt.com that the new building is attracting quality tenants, although the pace of leasing “is not as rapid as we anticipated” when Transpacific began the project. “No doubt the jobless recovery is not helping,” Irish says. “The market is not as strong now as it was at the time we went forward with the building.”

Irish notes, however, that the occupancy is approximately 98% at the remainder of Cerritos Towne Center, which includes seven buildings totaling about 800,000 sf. Asking rates at the new 17777 Center Court building are $2.25 per sf per month, with deals being done at rates slightly below that. Among the tenants at Transpacific’s new building is Memorex Products Inc., which occupies 21,480 sf in a 10-year lease.

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