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9/17/14
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PPG Aerospace, a division of PPG Industries Inc, signed a seven-year, $6.5 mil lease renewal for 83k sf ($0.87/sf/mo) of industrial space in Valencia. Located at 24811 Avenue Rockefeller, PPG uses the highly customized space for its aeronautics manufacturing, design and office space.
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.
“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.
“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.”
PPG Aerospace is a leading manufacturer of transparencies, sealants and coatings, and provider of electrochromic window systems, surface solutions, packaging and chemical management services, delivering new technologies and solutions to airframe manufacturers, airlines and maintenance providers for the commercial, military and general aviation industries globally.
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