USC has signed a 10-year lease renewal for 127,000 square feet of office space at the Marina Towers in Marina del Rey.
The property, which includes two 12-story buildings totaling 371,000 square feet is owned by Brookfield Property Partners, The Goldrich Group and Jordinia Operations. Cresa's Howard Feuerstein represented USC in the lease, and L.A. Realty Partners’ Rick Buckley and Tyler Thurow represented the landlord.
USC’s Information Services Institute (ISI) has occupied the property since the 1970s. Other tenants include Chase Bank and Cedars-Sinai Medical Center.
ISI does research and development of information processing, computer and communications technologies.
“Our location in the heart of Silicon Beach, coupled with panoramic views and best-in-class facilities, helps ISI draw the best technology talent from around the world,” James Whalen, ISI’s chief financial officer, said in a statement. “We look forward to continuing our presence in Brookfield Properties' Marina Towers.”
The office market in Marina del Rey saw a vacancy rate of 29.2% during the third quarter, down from 35% the previous quarter, according to data from Jones Lang LaSalle Inc. Asking rents for the area was $5.23 a square foot, far above the county average of $4.09 a square foot.
“USC/ISI was one of the original technology tenants in what we now refer to as Silicon Beach and they have an extensive list of achievements from their base of operations here,” John Barganski, senior vice president of leasing at Brookfield Properties, said in a statement. “We are proud USC/ISI will maintain its decades-long presence in Marina Towers where their teams will continue to pioneer more great tech and computing discoveries.”