The company, which provides products, services and support solutions for building and maintaining network-computer environments, has signed a three-year agreement. The deal is valued at $3.63 million.
Sun Microsystems was represented by Herb Hafter of Jones Lang LaSalle. The landlord, Arden Realty Inc., was represented in-house by Michael Pollack.
Office vacancy rates are expected to decline over the next two years, according to a recent report by Delta Associates, the research arm of Chicago-based property-management firm Transwestern Commercial Services. The report predicts that LA's office vacancy rate will be at about 11.7% in mid-2003, down from today's rate of 12.2%. The report credits a strong job-creation rate and a dearth of new development projects as important factors that will contribute to a decrease in the county's office vacancy rate.
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