5250 Lankershim Blvd. Picture courtesy of CommercialEdge
DivcoWest has inked a 21,377-square-foot, full-floor lease at 5250 Lankershim Blvd., a nine-story Class A workplace constructing in North Hollywood, Calif. JLL’s Senior Vice President Anneke Greco and Managing Director Patrick Church negotiated on behalf of the owner, whereas CBRE’s First Vice President Marty Barkan represented the tenant, Syracuse College.
The brand new house will home the college’s career-oriented applications for college students at The School of Visible and Performing Arts and The S.I. Newhouse College of Public Communications. The tenant is about to maneuver to the property’s fourth flooring within the fall of 2023.
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Inbuilt 2009 and a part of the NoHo Arts District, the 179,346-square-foot property consists of 20,000-square-foot flooring plates, 1,000 sq. toes of retail house and 625 coated parking spots, based on CommercialEdge. The present possession bought the asset in 2021 for $92 million, the identical knowledge supplier exhibits.
Located on a 2.2-acre lot, the workplace constructing is near a number of bus and subway stations. The property is positioned 10 miles from Los Angeles County Museum of Artwork, 12 miles from downtown Los Angeles and inside 24 miles of Los Angeles Worldwide Airport.
Throughout the fourth quarter of 2022, the Better Los Angeles market recorded 3.5 million sq. toes in leasing exercise, representing a 26.8 p.c drop in comparison with the identical interval of 2021, based on CBRE. With ongoing tech sector layoffs and firms favoring a hybrid work surroundings, workplace emptiness, which reached 19.2 p.c on the finish of 2022, will probably proceed to extend, the report predicts.
