Two lease deals have been done at the 3330 Cahuenga Blvd. West office building in Universal City.
The Class A property is owned by office property owner Glenborough Realty Trust Inc., which was acquired by Morgan Stanley Real Estate in November 2006.
In January, Glenborough agreed to five-year leases with Panasonic Corp. and Imagination International Corp. With the deals, the building is now 100 percent occupied.
The five-story building doesn't really fall into one Los Angeles submarket; it straddles North Hollywood, the Burbank Media District and Universal City all hot areas for office space.
In the $4.2 million Imagination deal, the tenant signed a lease for 21,038 square feet the entire fifth floor of the building. The video game maker had been subleasing space on that floor for 18 months and when another tenant moved out Imagination made a push for the entire floor. The company will move into its new digs in about two months.
"They are doing some extensive tenant improvement work," said Nico Vilgiate of CB Richard Ellis Group Inc. who represented the landlord in the deal.
Panasonic's $2.5 million deal for ground-floor space was a renewal of 10,904 square feet. The company uses the space for offices and a portion for entertainment business services. Panasonic also has building-top signage at the property.
The rental rates for the leases were not disclosed.
John Murray of CB Richard Ellis also represented Glenborough. Studley Inc.'s Craig Jablin and Liron Nelik represented Imagination, and Newmark Knight Frank's Myron Galchutt and Jeff Foster represented Panasonic.
Hawaiian Gardens Deal
The building and land that houses a Food 4 Less store in Hawaiian Gardens has changed hands in a $14 million all-cash deal.
Park City Main Street Mall LLC, the entity of an unnamed L.A.-area family trust, purchased the 58,944-square-foot store and 4.9-acre property Jan. 31 on a 1031 tax-deferred exchange basis from local real estate developer Decron Properties Corp.
Kroger Co., which owns Food 4 Less, is locked into a lease at the 12254 Carson St. property until 2021.
Dixie Walker, the Grubb & Ellis Co. broker who represented the seller, said that despite the slow real estate market, 1031 exchange deals are getting done at a healthy rate.
Peter Spragg of Grubb & Ellis also represented the seller and Fouy Ly of Sperry Van Ness represented the buyer.
Credit Crunch Woes
CBRE Realty Finance Inc., an affiliate of Los Angeles-based global real estate services firm CB Richard Ellis Group, has written down $19.2 million of loans it is owed by a New York City real estate developer.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- CBRE Weighs Strategic Moves
- Trust Pays $30 Million for Universal City Office Building
- Valley Sale Marks Highest Per-Foot Price in Three Years
- Buyers Take on Debt to Swing Property Deals
- Broker Bows Out at Grubb & Ellis After Merger
- New Tenants Go Distance for Miracle Mile Space
- Year-End Rush Gathers Steam With Dealmaking Flurry
- Trizec Acquisition Leads to Shifting of L.A.'s Major Assets