LOS ANGELES-L.A. Care Health Plan has signed a lease for a 47,306-square-foot of office space at the Garland Center in Downtown Los Angeles. The healthcare provider plans to use the location as its regional headquarters.
This new lease was signed to accommodate the growth expected by the Affordable Care Act. "With imminent changes in health insurance, groups like L.A. Care Health Plan are expected to grow in the coming years,” says Jason Warner of Jones Lang LaSalle, who represented Chandler Holdings, the landlord, in the transaction. CBRE represented L.A. Care Health Plan. Jones Lang LaSalle could not be reached for comment.
L.A. Health Care Plan recently signed a sublease with the Community Redevelopment Agency at the City of Los Angeles for 53,609 square feet of office space. In total, this brings its leased square footage at the Garland Center to 100,915 square feet of office space. “L.A. Care Health Plan chose Garland Center because of its amenities and proximity to the firm's other downtown location," Warner says.
Garland Center has onsite security and shipping and receiving facilities around the clock 365 days per year. Additional building amenities include a 140-seat atrium, efficient floor layouts and ample parking.
This transaction shows that nearly every sector in the downtown market has seen substantial growth this year. In addition to the booming multifamily and retail sectors, hospitality has also seen an uptick in activity. GlobeSt.com recently reported that SBE Entertainment was eyeing a location on Grand Street near the Walt Disney Concert Hall for a possible SLS Hotel location.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.