Tom Taylor and Chan Kantikovit of Grubb and Ellis negotiated on behalf of the tenant, while David Giglio, Greg Farrier and Lori Smith, also with Grubb & Ellis, represented the landlord, Arden Realty, a Los Angeles-based firm.
Giglio tells GlobeSt.com that the negotiated lease, valued at $1.7 million, is consistent with the current market. "It's a class A, high image, high-rise building with above-standard parking," says Giglio.
The landlord's strong ownership was a major selling point, with Arden Realty being well recognized in the area as a cooperative, financially stable firm, adds Giglio. The downtown location was a big plus as well, he says.
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