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LOS ANGELES-JP Morgan Chase has subleased 50,000 sf of office space at 6500 Wilshire Blvd. to Cedars-Sinai Medical Center for three years, according to Newmark & Company Real Estate Inc.

Steve Kolsky of Newmark explains that the space was initially constructed for Dreyfus Online. When Morgan acquired Dreyfus Online, it identified the space as surplus and enlisted Newmark to market it. Kolsky represented JP Morgan Chase in the lease, with Chris Bonbright of Ramsey Schilling representing Cedars-Sinai.

Kolsky says Cedars-Sinai will be able to use the existing improvements and infrastructure when it relocates administrative offices into the space in December of this year. He notes that one of the challenges of the marketing assignment was finding a suitable tenant in a down market such as the current weak office leasing environment. The 23-story, class A building, built in 1986, is owned by the Teachers Insurance and Annuity Association-College Retirement Equities Fund, (TIAA-CREF).

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