SHARP CAPITAL COMPLETES FULL FLOOR LEASE DEAL AT 1200 WILSHIRE BLVD.
CBRE Announces Creative Office Lease On Wilshire Boulevard In Downtown Los Angeles
Los Angeles – Aug. 4, 2016 – CBRE Group, Inc. announced the completion of a $4.4 million office lease in Downtown Los Angeles for Management Applied Programming, a data processing and administrative services provider to insurance and pension funds.
CBRE’s Taylor Watson and Andrew Tashjian represented the landlord, Sharp Capital, in the full-floor deal, while Hal Cook and Henry Vitale of Cook Commercial represented the tenant.
The six-story building, located at 1200 Wilshire Boulevard, is approximately 96,360 square feet and features exposed ceilings, concrete floors, oversized window lines, and easy access to both the 10 and 110 freeways.
The property, with a view of the downtown cityscape, is surrounded by an expanding retail base, including well-known coffee and food chains and sits across the street from the Good Samaritan Hospital.
“This is one of the largest lease deals the area has seen in years,” says Watson. “A true testament to 1200 Wilshire’s well-versed and highly-capable ownership. The accessibility and abundant parking have always been attractive, but we expect to see increased activity as new development blanketing the few blocks west of the 110 Freeway translates into sought-after amenities for our tenants. Like many parts of downtown, Central City West’s days as a 24-7 work-live-play neighborhood are just around the corner.”
1200 Wilshire Boulevard is now 91 percent leased and since Sharp Capital purchased the property in December 2014, revenue has increased by more than 50 percent. A full renovation of the lobby and common areas is underway and the ground-floor now holds the last remaining space available – an 8,500 square foot, creative build-to-suit opportunity, featuring 20 foot ceilings, floor-to-ceiling glass, and private patio options.
“Investing significant capital into the Central City West area of Downtown Los Angeles demonstrates our long-term commitment to both the DTLA office and multifamily markets,” said David J. Shophet, a principal at Sharp Capital. “We expect to break ground soon on an 80-unit development nearby. “
Activity from current tenants and technology, creative and co-working companies as well as start-ups could result in as much as 44 million square feet of demand for creative office space in the next few years in Los Angeles, according to a CBRE research report. The demand for more creative office space is driven by workplace strategy as an increasing number of employers aim to attract and retain talent, encourage collaboration and implement cost savings.
The Greater Los Angeles office segment is expected to sustain its growth moving into the latter part of 2016. The market’s key health indicators such as employment growth, improved demand, and increased rental rates are expected to continue throughout the year and into next. Office employment in the area is projected to continue on an upward trend and vacancy levels are expected to remain steady over the next 12 months, according to CBRE Econometric Advisors.