LOS ANGELES, CA. Aug.14, 2011 – Chris Runyen (top right photo) with Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed two office property transactions in Downtown Los Angeles.
The transactions include a 19,115 square foot lease with USC; and a $2.1 million sale of an office building to La Tour, Inc.
USC signed a 72-month new lease for 19,115 square feet of space within the LA World Trade Center at 350 South Figueroa St. Runyen represented the landlord, Jamison Services, and Howard Feuerstein, Dennis Smith and Cory Campbell of Travers Realty represented USC. The space will be used for Ednovate, a new charter high school that opens this month.
“The tenant was able to take advantage of existing classrooms with the necessary zoning to meet their charter school requirements,” said Runyen. “The space was initially built for UCLA Extension in the 1990s before the classrooms were occupied by Green Dot Schools from 2005 to 2010.”
The 10-story LA World Trade Center totals 375,000 square feet and is over 80 percent occupied with other tenants including GSA and the County of Los Angeles.
In the second transaction, Los Angeles-based La Tour, Inc. purchased a vacant 16,866 square foot office property located at 1636 Wilshire Blvd. for $2.1 million. Runyen represented LA Tour as well as the seller, Bank of America. The property had been nearly vacant for approximately one year after the previous owner vacated during foreclosure in early 2011. The buyer paid all-cash and closed escrow in just six days.
“This building had very little parking and some deferred maintenance, which made this a challenging marketing process,” said Runyen. “The new owner plans to renovate the property for its use and will lease out some of the excess office space it doesn’t need.”
Runyen added: “Downtown and the surrounding areas have seen very few office properties reaching foreclosure over the past few years, so the offering of 1636 Wilshire as an REO was quite unique.”
Contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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