VITAL STATISTICS
ARCADIA GATEWAY
450 E. Huntington Dr., Arcadia
Square Footage: 48,000
This was a ten year early lease renewal of the Arcadia Gateway project on Huntington Drive in Arcadia for Optum. Optum plans to fully renovate its outpatient medical center within the building and wanted to secure a long-term lease in order to justify the capital investment.
The landlord was considering a residential redevelopment of the site, but Bryan Lewitt and Chris Isola of JLL were able to show that the highest and best use for the landlord would be to keep the medical building in place. Additionally, the JLL team was able to negotiate a significant amount of free rent for Optum, to offset a portion of its capital spend on tenant improvements. And finally, JLL secured a right of first offer to purchase the building, in the event the landlord elects to sell it in the future.
VITAL STATISTICS
LEE HUGHES MEDICAL BUILDING
1500 Chevy Chase Dr., Glendale
Square Footage: 30,403
This was a ten year lease renewal for the anchor tenant of the Lee Hughes Medical building, Parexel. The transaction will allow Parexel to continue their clinical trial work on the campus of Adventist Health Glendale.
As part of the transaction, Bryan Lewitt and Chris Isola of JLL was able to negotiate favorable expansion and termination rights for the tenant, in order to provide them with ultimate flexibility throughout the term of the lease.
VITAL STATISTICS
OASIS HEALTHCARE CENTER
19500 Ventura Blvd., Tarzana
Square Footage: 20,000
Lee and Associates LA North/Ventura’s principals Scott Romick and Eugene Kim leased 20,000 square foot at 19500 Ventura Boulevard for a total consideration of approximately $17 million. The award-winning open-air medical complex that recently completed its $5 million transformation into a first-class medical professional building will be the new regional home to tenant United Medical Doctors.
The lease includes most of the ground floor and a portion of the second floor. This lease, along with two other new medical leases makes up approximately 60% of the available space at the property, totaling 24,000 square feet.
