NAI Capital’s Chris Runyen represented the landlord, JM Eagle, in the transaction.
The office building at 5200 W. Century Blvd. in Westchester has undergone a renovation of the building systems, lobby, common areas, restrooms, HVAC and covered courtyard.
“The LAX market is going through a transformation with massive development projects like the international terminal expansion, CONRAC, Metro Line extension and people mover,” Runyen said in a statement.
“The recent space absorption in the LAX market during the pandemic and this lease renewal by the county show that the Century Boulevard submarket is a very good value and a great place to do business. This transaction was a win-win for both sides,” he said.
There have been several other large lease renewals in L.A.
In March, San Diego-based Parallel Capital Partners Inc. signed $80 million in lease renewals at Shoreline Square at 301 E. Ocean Blvd. in Long Beach for more than 140,000 square feet.
And in February, law firm Cozen O’Connor signed a lease for 9,489 square feet at One West Square at 401 Wilshire Blvd. in Santa Monica and a lease renewal for 16,101 square feet for its downtown office at 601 S. Figueroa St.
The County of Los Angeles also signed a renewal for 117,846 square feet of office space at The Alhambra, a large Ratkovich Co. project in Alhambra.
And late last year Century Park’s Century Park Towers signed lease renewals with Law firm Seyfarth Shaw and a financial services company totaling roughly 150,000 square feet.
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