Sunday, September 21, 2014

Avison Young completes lease renewal for PPG Aerospace in Valencia, CA


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.

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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