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| Andrew Berk |
Los Angeles, CA – Avison Young, the world’s fastest-growing
commercial real estate services firm, announced it has completed a seven-year
lease renewal on behalf of tenant PPG Aerospace, a division of PPG Industries,
Inc. in Valencia, CA.
Valued at $6.5 million, the specialized-industrial-space
lease totaled 83,000 square feet (sf).
Avison Young Principal Mark Evanoff and Andrew
Berk, a Vice-President in the company’s Los Angeles North office,
represented PPG Aerospace. The landlord, Krausz Company, represented itself.
Located at 24811
Avenue Rockefeller, PPG uses the highly customized space for its aeronautics
manufacturing, design and office space.
“The industrial product inventory in the North Los Angeles
area is extremely constrained, with vacancy just under 4% – the lowest vacancy
level in more than five years,” comments Evanoff.
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| Mark Evanoff |
“Given that there is
minimal product and a lack of new product becoming available, Avison Young
advised PPG on anticipated capital expenditures and a time-intensive move,
should PPG opt to relocate,” adds Berk.
“As PPG had made highly specialized improvements to the
property, we negotiated lease terms with the landlord by leveraging PPG’s
stability and creditworthiness.
“We also successfully negotiated some out-of-the-box
landlord concessions in order to achieve a cost-saving rental rate that shaved
significant dollars off our client’s bottom line.”
For a complete copy
of the company’s news release, please contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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