The 10-year lease will provide Sizzler with 22,402 sf at the Galleria, which is currently in the final stages of a massive renovation. Sizzler's new space, at 15301 Ventura Blvd., will house the company's training operations in addition to its headquarters staff.
The move will be completed sometime this fall, a Sizzler official says. The company is currently headquartered in the Culver City submarket of LA's Westside, where rental rates are higher than in most parts of the San Fernando Valley.
In addition to owning the flagship Sizzler's chain, the parent company also runs the smaller Pat & Oscar's restaurant chain in the US and several Kentucky Fried Chicken outlets overseas. Sizzler International's profits have been squeezed by a variety of factors, including more competition and unfavorable currency-exchange rates.
Tom Festa of Grubb & Ellis' North Los Angeles office and Mike Hobbsof the firm's Corporate Services Group represented Sizzler in thetransaction. Tony Acerra and Gina Guarino of Douglas Emmett & Co. represented the landlord, the private Galleria Park Partners LLC of Santa Monica.
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