LOS ANGELES-GlobeSt.com has learned exclusively that Citibank has signed a new lease for 5,954 square feet of retail space with landlord Indvest at Murdock Plaza, located at 10900 Wilshire Blvd. in the Westwood submarket here. Citibank will use the location as its second flagship branch in California.
Jones Lang LaSalle Los Angeles team members Anthony Gatti, Brian Niehaus and Jaclyn Ward represented the landlord, while David Mackenbach and Mike Sidney of Cushman & Wakefield represented Citibank.
Murdock Plaza is a 17-story, 228,540-square-foot class-A office building at the southwest corner of Wilshire and Westwood blvds. in the heart of Westwood. The property is minutes from the 405 and 10 freeways and features amenities including 24-hour security, valet parking for all visitors, on-site property management, onsite carwash services and views of the Pacific Ocean, Downtown L.A., Santa Monica Mountains and Westwood Village.
“Citibank chose Murdock Plaza for its second California flagship branch because of tis premier location, projected growth of the area and vibrancy of the Westwood business community,” said Gatti in a prepared statement.
According to Voit Real Estate Services' 4th-quarter market report, the Los Angeles County retail market posted 487,526 square feet of positive net absorption in the fourth quarter of 2012, giving the market a total of 522,626 square feet of negative absorption for the year. Leasing activity checked in at 10.4 million square feet in 2012, an increase from the previous year's figure of 9.8 million square feet.
As GlobeSt.com previously reported, in October Watt Properties completed a $20-million redevelopment of Edinger Plaza, a 25-acre, 155,000-square-foot retail center at 7490-7664 Edinger Ave. in Huntington Beach, CA. The redevelopment, which began in late 2011, included renovation of the buildings' exterior, including the Citibank pad. As GlobeSt.com also reported earlier this week, NorthMarq's Los Angeles regional office arranged first-mortgage refinancing of $22.5 million for the center on behalf of a borrower whose identity was undisclosed to GlobeSt.com.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
