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LOS ANGELES—This past July, Morgan Stanley Real Estate Investing and Lincoln Property Co. acquired the 950,000-square-foot headquarters campus of engineering firm Parsons Corp. for $320 million. Additionally, NBC Universal signed a 96,000-square-foot lease to move to 10 Universal Plaza in Universal City in 2012. These deals, among many others, show that premier buildings in key L.A. locations are seeing stronger demand from creditworthy tenants “that have identified this period as a historic opportunity to reposition themselves and lock in low rents,” according to Grubb & Ellis.

In a third-quarter report, Grubb said the entertainment sector is the foundation of growth in submarkets like Santa Monica, where class A asking rents increased 15.5% in 2011. On the growth side, a number of companies moved into sizeable new spaces in Q3, helping to drive up absorption in West Los Angeles, Tri-Cities and L.A. North.

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