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8/20/15
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The County of Los Angeles agreed to a five-year renewal for 50.1k sf of Los Angeles office space in a deal valued in excess of $6 mil ($2.00/sf/mo). The space is within the 10-story, 325k sf JM Eagle building near LAX in Los Angeles.
Built in 1983, the Class A property is located at 5200 W. Century Blvd, just west of the 405 Fwy at La Cienega Blvd, and offers convenient access to both the 405 and 105 freeways.
Chris Runyen, Jason Cope, and Amir Madadi of Charles Dunn Company represented the owner, JM Eagle, the world's largest manufacturer of PVC pipe and related plastics products. The tenant represented itself. The building, which was 60 percent occupied 12 months ago, is now at 70 percent with a strong amount of leasing activity with small- to mid-sized tenants.
“The LAX market has traditionally carried a high vacancy, but the area is changing quickly,” said Runyen. “Vacant office buildings have become attractive to developers as potential conversions to hotels, and we’ve seen a significant number of tech and creative tenants considering the market as a less costly alternative to El Segundo, Playa Vista, and Silicon Beach.”
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