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Tenants Sign New Office Leases Totaling 90,000 SF

LOS ANGELES-The deals include a 45,000-square-foot lease by Reliance Steel at a Maguire Properties building and a 44,751-square-foot Sony Entertainment lease in Santa Monica.

By Bob Howard | Updated on December 28, 2008

LOS ANGELES-Two office tenants have closed on two leases totaling nearly 90,000 square feet in two transactions here and in Santa Monica, according to the building owners and brokers involved in the deals. The deals include a 45,000-square-foot agreement between Maguire Properties and Reliance, and a 44,751-square-foot Sony Entertainment lease in Santa Monica.

The tenant in the Maguire lease was Reliance Steel & Aluminum Co. , which renewed its lease until the year 2022 with the Downtown, LA-based office REIT. The 45,000 square feet that Reliance occupies is at Maguire’s Two California Plaza in the Bunker Hill area of Downtown Los Angeles. Reliance was represented by Clayton Hovivian, Bart Pucci and Sonya Schmidt of Grubb & Ellis Co., with Maguire represented internally by Peter Johnston and Josh Wrobel.

Terms of the Reliance lease were not disclosed. The asking rate for class A space in Downtown Los Angeles stood at $3.23 per square foot per month in the third quarter, according to the latest market report from Grubb & Ellis.

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