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December 15, 2018
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SOUTHERN CALIFORNIA NEWS
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Urban Commons Leases Office Space in Century City

3/06/18

Urban Commons has leased 12k sf of office space in Century City. The company, a real estate development and investment firm that owns the Queen Mary attraction in Long Beach, inked a 63-month deal at 10250 Constellation Blvd, south of Santa Monica Blvd between Century Park West and Avenue of the Stars.

Although the transaction value was not given out, we understand that space in the high-end tower typically goes for between $5.50 - $6.50/sf/mo, which would give the deal a price tag somewhere in the $4 mil - $5 mil range. Urban Commons relocated from a smaller, 7.7k sf, space at 777 South Figueroa in downtown Los Angeles.

Active across a wide range of property types, Urban Commons works closely with municipalities, communities and neighborhoods to create development plans that optimize each property while delivering unmatched public value. The company has announced plans to upgrade and expand the Queen Mary tourist attraction, which it just recently acquired.

Nathan Pellow, James Robbins and Nick Nybakken with Colliers International represented Urban Commons in its move. According to Pellow, the company entered a rapid growth phase after acquiring the Queen Mary in Long Beach, along with several more hotel investments and needed a long-term expansion space that would sustain the organization for at least five years.

Pellow also noted that Urban Commons was seeking a space that would improve upon the company’s brand and culture, while also bringing them closer to prospective clients and minimize commute times for its management staff.

“Our team negotiated a base-year starting rent at 58% below market rates to offset Urban Common’s initial cost of relocating to a more expensive submarket,” added Robbins. “We relocated our client into a fully furnished sublease with a pre-negotiated, back-end direct deal with the landlord, JMB Financial Advisors.”






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