Brokers anticipate the departure of Comcast; AEG; and E! Entertainment, one of the largest tenants in the submarket at approximately 340,000 square feet.
Miracle Mile’s office vacancy ended the year at 14.6 percent, up about a point from the previous quarter and year; Class A asking rates fell to $3.08 a square foot, down from $3.15 in the third quarter, but higher than the $3.04 recorded to end 2013.
“With over 400,000 square feet of vacancy expected to come on line in the next year or two, it will be interesting to see if landlords will be able to maintain this positive momentum,” said Amos.
– Margot Carmichael Lester
In Park Mile, Emi Ito purchased Los Angeles Medical Center, 903 S. Crenshaw Blvd., for $7.5 million from Superline Inc. The property is a three-story medical office building totaling 31,787 square feet.
The 94 percent occupied office-retail center at 2528 Olympic Blvd. in Wilshire Center traded for $7 million. Herald Kim purchased it from Salvador Han.
Jamison Services Inc. picked up Wedding Plaza, 3000 Wilshire Blvd., for $7 million from Anj Group Inc. The 34,678-square-foot two-story property was built in 1930.
Nathan F. Cogan sold the Class C multifamily property at 435 S. Alexandria Ave. to Chapman Apartments for $6.1 million, or $124,286 A unit. The 49-unit Alexandria Apartments complex in Koreatown was built in 1927 and recently renovated.
Three notable leases were inked for undisclosed terms. Wilshire Courtyard wrote two new leases of approximately 40,000 square feet with Paramount Pictures and International Coffee & Tea. CBS Radio Inc. renewed its two floors at 5670 Wilshire Blvd.
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