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2/02/16
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Providence Health System–Southern California has signed a new 15-year lease for 35.6k sf of space in Playa Vista. The transaction, the first large lease agreement of the year on the Westside of Los Angeles, is at 12555 Jefferson Blvd, west of the 405 Fwy at Centinela Ave.
This is a new location for Providence Health & Services, a non-profit health-care provider. It enables the company to expand upon the community services available to the flourishing Westside neighborhood of Playa Vista, which is home to much of Southern California’s technology industry and an estimated 7,000 residents. Occupying the entire third floor of the building, Providence Health System–Southern California plans to house primary and specialty care physicians, and is slated to open in mid to late 2016.
Purchased in 2015 by Mani Brothers Real Estate Group from Ocean West Capital Partners for $48.5 mil ($543/sf) in an off-market deal, 12555 Jefferson Boulevard is a three-story, 89.4k sf Class A office property with close proximity to The Runway at Playa Vista. It is distinguished by a unique interior design and prominent Jefferson Blvd location.
Following an extensive lobby, common area and landscape renovation, the office building will be transformed with a new exterior skin and dramatic lighting later this year. The building offers immediate access to the 405 Fwy and benefits greatly from its landmark location. The Providence Health lease brings the property to 100% occupancy.
Madison Partners’ Chris DuMont, a partner at the firm, in cooperation with Brad Chelf, a Senior Vice President at CBRE, represented Mani Brothers Real Estate Group in the transaction. Madison’s Bob Safai repped Mani Brothers in its purchase of the building last year.
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