Following a comprehensive repositioning effort in order to appeal to a broader base of users, Legacy Partners Commercial, Inc. the city agency and the publisher to leases at the Los Angeles Media Tech Center, a seven building campus located at 2701-2714 Media Center Dr. here. In each of the transactions, Legacy Partners provided 100% improvements in order to accommodate these two high-profile companies.
Playboy Enterprises, Inc. signed a 10-year lease for 64,000 sf of space and will be relocating corporate offices and consolidating several other departments into this new facility located at 2706 Media Center Dr. Tom Korey of First Property Realty represented Playboy Enterprises while Dave Harding, Peter Poulson and Kevin Duffy of CB Richard Ellis in Glendale represented Legacy Partners in the transaction. Industry sources say the lease is valued at $14 million.
In the second transaction, the City of Los Angeles, Bureau of Sanitation signed a 10-year lease for 64,820 sf. Harding, Poulson and Duffy of CB Richard Ellis represented the City of Los Angeles and Legacy Partners in the transaction. The lease transaction has been quoted by industry sources as having a value of $8.4 million.
In order to attract office users, Legacy Partners Commercial Inc. developed a program for Los Angeles Media Tech Center that would allow it to compete with fully improved Class A office buildings at lease rates that are up to 25% below its competitors, according to Beth Calder, regional vice president for Legacy.
Los Angeles Media Tech, a development alliance project between Legacy Partners and AMB Property Corporation, is situated in a campus environment with nearby retail amenities and features flexible layouts, direct fiber access, 24-hour gated security and dock service. The business park is ideally located with easy access to downtown Los Angeles, Burbank and Glendale via the nearby I-5, I-110, SR-134, SR-2 freeways and Metrolink.
Los Angeles Media Tech Center is nearly 100% leased with a diverse mix of tenants ranging from Banc One Data Processing to Pallotta TeamWorks, a firm that organizes charity walks such as the Avon Breast Cancer 3-Day charity.
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