Two Office Tenants Renew Leases for 350,000 SF

[IMGCAP(1)]THOUSAND OAKS, CA-Two office tenants here and in Los Angeles ahve signed renewals for more than 350,000 square feet of space. Baxter Healthcare has signed for nine more years in its 230,621 square feet here at the Oaks at Westlake campus, and Ernst & Young has renewed for 121,000 square feet at its namesake Ernst & Young Plaza at 725 S. Figueroa St. in Downtown L.A.

[IMGCAP(2)]In the Baxter Healthcare deal, KW Commercial Investment Group, a division of Beverly Hills-based Kennedy Wilson, says that Baxter has renewed for space at 1 Baxter Way in Thousand Oaks in one of the largest lease transactions to be completed in Los Angeles County this year. The Oaks At Westlake, totaling approximately 355,000 square feet, is a three-story class A office building that is now 97% leased. Baxter was represented by Jones Lang LaSalle. The landlord, One Baxter Way LP, was represented in-house by John Prabhu and Mickey Isen of Kennedy Wilson. The value of the lease was not disclosed.

Baxter is a medical device, pharmaceutical and biotechnology firm. Other major tenants at the building include State Farm Mutual Automobile Insurance Co. and Verizon California Inc.

In the Ernst & Young lease, the anchor tenant at Ernst & Young Plaza has signed a 12-year renewal with building owner Brookfield Properties Corp., according to Bert Dezzutti, senior vice president and regional head for Brookfield’s Southern California operations. Ernst & Young was represented by Brian Ulf of Cushman & Wakefield; Brookfield was represented in-house by John Barganski and Chris Dillavou.

Ernst & Young Plaza is a 41-story, 910,000-square-foot tower in L.A.’s CBD where renovations and upgrades to the lobby and outdoor plaza are currently under way. The tower is directly adjacent to the 7+FIG retail center, also owned and managed by Brookfield.