BURBANK, CA-Business suites firm Regent has taken nearly 24,000 sf at a CarrAmerica building here and private investment company Tennenbaum Capital Partners LLC has signed for 16,000 sf in Santa Monica at Equity Office Properties Trust’s Santa Monica Business Park. The new Regent Business Centers space consists of 23,777 sf at 2600 W. Olive Ave., Washington, DC-based CarrAmerica’s 10-story, class A, 144,831-sf office building.The 10-year deal was valued at approximately $7 million, according to Andy Fishburn, SVP of leasing and marketing for CarrAmerica in Southern California. David Nadler, president of Regent, says the new space will be Regent’s latest center. Eric Duncanson of CB Richard Ellis represented Regent. Tennenbaum Capital Partners signed for its space at Santa Monica Business Park, a 20-building, 1-million-sf office campus owned, leased and managed by Equity Office Properties Trust.Dennis Richardson of Cushman & Wakefield reports that Tennenbaum has signed for 15,850 sf at the development at 3200 Ocean Park Blvd. Richardson represented Tennenbaum. Terms of the deal were not disclosed, but the average asking rate for space at Santa Monica Business Park is $28.20 per sf, according to Equity Office’s marketing materials for the property, and industry sources put the value of the deal at an estimated $2.2 million. With the signing of the Tennenbaum lease, Santa Monica Business Park is 92% leased. Gail Goldstein, leasing director, represented Equity Office in-house.Tennenbaum Capital Partners, which manages an investment portfolio of $1.7 billion, is in the process of raising another $2 billion in capital, according to Michael Tennenbaum, senior managing partner of the firm, which has doubled in size over the past two years to 30 employees and expects to grow by another 50% in the next 24 months. Tennenbaum Capital Partners LLC invests in publicly traded and private companies, primarily in companies in transition where traditional sources of capital are not readily available. Its investments include publicly traded securities and privately negotiated investments, including investments in bank loans, high yield debt, mezzanine debt, preferred stock, and common stock.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.