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4/03/18
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Two non-profit organizations -- APAIT and TransLatin@Coalition – have leased a 17.7k sf, full floor office space in Los Angeles for five years. The lease is within Wilshire Centre, a 12-story office building in the Mid-Wilshire submarket of Los Angeles.
The lease value was not disclosed. With this deal, APAIT/TransLatin@ is relocating 40 employees into Wilshire Centre fromt its existing 14k sf at 1730 West Olympic Blvd.
Built in 1974, Wilshire Centre is located at 3055 Wilshire Blvd, just three miles west of Downtown Los Angeles and near the intersection of Vermont and Wilshire, adjacent to the Vermont Metro station. The Class A property totals 215.6k sf and features an on-site café and bank. With this most recent lease, the property is 94% occupied.
Chris Runyen of Charles Dunn Company represented the tenant. The landlord, Jamison Properties, was self-represented by Jamie Park.
“Charles Dunn Company had a sublease listing for half of the floor at Wilshire Centre, and the other half of the floor was in shell condition,” said Runyen. “We were able to relocate the existing tenant to new space within the building and the ownership embarked on an extensive tenant improvement program for APAIT/TransLatin@ which now accommodates four affiliated user groups with separate suite identity on one floor.”
Runyen added: “The Mid-Wilshire submarket is experiencing tremendous growth with the construction of new residential projects and conversion of large office buildings to apartments. This transition makes it more and more challenging to find larger blocks of office space. Rental rates here have also been on the rise and are now nearly 25 percent higher than just four years ago.”
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