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December 15, 2017
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Molina Healthcare Leases 100k sf in San Pedro

3/20/17

In one of the largest office leases in L.A.’s South Bay region in the past five years, Molina Healthcare inked a seven-year deal for 99.3k sf of space at Topaz Office Tower in San Pedro. Molina, a Fortune 500 company and major healthcare provider, leased the space to accommodate the relocation of one of its business units out of Long Beach and into San Pedro.

Although the transaction value was not given out, we hear the asking rate for the space is around $2.30/sf/mo, which would put the deal somewhere near $19 mil. CBRE’s Tim Vaughan, Dave Smith and Mike Harry represented the landlord, Jupiter Holdings LLC. Jamie Keller and Dan O’Leary from McKinney Advisory Group represented Molina.

The 11-story Topaz building is located at 222 West 6th St, west of Terminal Island between Harbor Blvd and Pacific Ave. It was originally constructed in 1991 for Logicon, an aerospace company, to be the anchor tenant. Subsequently, Northrop purchased Logicon and remained in the building through 2010. Newport Beach-based Jupiter Holdings purchased the property in January 2013 and has since upgraded and revamped the asset.

The now repositioned property boasts ocean views from all floors, numerous walkable amenities, and proximity to its Downtown Long Beach headquarters. Other recent signings at Topaz include the Port of Los Angeles, Marymount California University, Regus, AltaSea, the City of Long Beach, and Procel.

“Our purchase and repositioning of Topaz was done with the intent of identifying a large office user that would appreciate the quality of the building and the numerous benefits of being in the San Pedro community,” said Ed St. Geme, CEO of Jupiter Holdings. “Molina Healthcare is the perfect tenant to become the anchor, not only of Topaz, but of the entire community.”

San Pedro sits within the City of Los Angeles. The Port of Los Angeles is partially located within the community and has been a main economic driver for the region. Despite economic and population growth that outpaces the City of LA, San Pedro hasn’t always been thought of as a major office market. However, demand has been consistent since 2014, and new leasing from tenants has driven the vacancy rate down 620 basis points, according to CBRE research. Renter demand for apartment units is also robust, and the current vacancy rate in the market is just 3.6 percent.





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