Lee & Associates Negotiates Two Office Deals in Long Beach
Torrance, CA – August 14, 2012 – (RealEstateRama) — In lease negotiations involving both the FBI and Verizon Wireless, Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has closed two deals at 4811 Airport Plaza in Long Beach, Calif.
Lee & Associates Los Angeles – Long Beach’s Jeff Coburn, Shaun McCullough, Dylan Espley-Jones and Say Jeon represented the landlord, 4811 Airport Plaza, LLC. Built in 1987, the six-story Class A office building consists of 126,270 square feet, is located adjacent to the Long Beach Airport and Marriott Hotel and was occupied by former multinational aerospace tenant Boeing until the fourth quarter of 2010.
Coburn noted, “The building’s ideal 405 freeway proximity coupled with ample free parking, surrounding amenities and attractive lease rates has drawn significant activity from companies looking for a strategic location between Los Angeles and Orange counties.” McCullough added “These deals bring needed positive absorption to a submarket that has taken a big hit with Boeing’s recent downsizing.”
The first deal’s tenant, the General Services Administration – Federal Bureau of Investigation (GSA-FBI) fully leased the 21,264-square-foot 5th floor with an additional 1,000 square feet on the ground floor. The 15-year lease term was negotiated for $9.6 million by Lee & Associates.
The second deal’s tenant, Verizon California, Inc., a Verizon operating company, fully leased the building’s 4th floor consisting of 21,264 square feet and is exercising its option by additionally leasing the 3rd floor for a total of 45,528 square feet. The six-year lease term commences in August. Verizon was represented by Jones Lang LaSalle.
About Lee & Associates
Celebrating more than 33 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 45 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at http://www.lee-associates.com.
