LOS ANGELES—The L.A. Opera has signed a 27,500-square-foot industrial lease adjacent to the arts district in in Downtown Los Angeles. The company is relocating from its former arts district location, where it would have paid an additional $1.25 per square foot on rent in a lease renewal. The new lease has a 10-year term and is valued at $4.6 million, about $0.71 per square foot. The rate is standard for the market, while arts district rental rates just blocks away are more than triple the price.

“L.A. Opera’s existing location is on the market right now for $2.50 per square foot triple net. This was a significant savings for them to go a couple of blocks down the street and get out of the boundaries of the arts district,” Chris Steck, a broker at Charles Dunn Co., tells GlobeSt.com. “We paid a healthy rate to the owner for this building as well.” Steck represented the tenant in the transaction, along with his Charles Dunn colleagues Chris Giordano and John Anthony. Major Properties represented the landlord, Danjon Realty.

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?


© 2023 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 Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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 © 2023 ALM Global, LLC. All Rights Reserved.