Colliers International Negotiates $5.482 Million Lease of a 15,444-Square-Foot Office Space in Los Angeles
Los Angeles, CA – January 4, 2011 – (RealEstateRama) — Colliers International, the second largest real estate services organization globally, has negotiated a 10-year lease for a 15,444-square-foot office space located at 221 S. Figueroa St. in Downtown Los Angeles for The Associated Press. The transaction is valued at $5.5 million.
Nathan Pellow, senior vice president, based in Colliers International’s Downtown Los Angeles office represented the tenant along with Brian Feist, senior managing director of Colliers International in New York. Chris Runyen, managing director with Charles Dunn Company represented the landlord, US Bank.
Built in 1977, the building is part of a multi building campus in the heart of Downtown Los Angeles and is home to US Bank (Formerly California National Bank), One Legacy, and UCLA Extension.
“This deal represents a significant lease extension by a quality national tenant in DTLA in the last quarter of 2010,” said Pellow. “AP had already invested significant money into the space with respect to IT infrastructure. We were able to lock in the lease on this facility at below market rates with a sizeable TI allowance.”
About Colliers International
Colliers International is a global leader in real estate services with more than 15,000 professionals operating out of 480 offices in 61 countries. As a subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), Colliers offers the stability of a strong financial partner and significant local ownership providing clients with accountability and enterprising real estate solutions. Colliers provides a full range of services to real estate users, owners and investors worldwide including: global corporate solutions; sales and lease brokerage; property and asset management; project management; hotel investment sales and consulting; property valuation and appraisal services; mortgage banking and insightful research. The Lipsey Company and National Real Estate Investor magazine ranked Colliers International as the world’s number two commercial real estate brand.
Since 1908, Colliers has stood at the forefront of the Los Angeles real estate industry. Today, Colliers operates seven offices throughout Greater Los Angeles, including Downtown Los Angeles, Orange County, Inland Empire, South Bay, San Fernando Valley, Santa Clarita and Commerce. Follow us at www.twitter.com/colliersgla.
Contact:
Angela Hwang, Regional Marketing Coordinator
Greater Los Angeles, Colliers International
Tel: 213 532 3258
angela.hwang (at) colliers (dot) com
www.colliers.com
