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L.A. Opera Scores Discounted DTLA Industrial Rent

LOS ANGELES—While rates across sectors are skyrocketing in the downtown market, this company signs a 27,500-square-foot industrial lease just outside of the arts district and saves $1.50 per square foot.

By Kelsi Maree Borland | Updated on September 01, 2015

LOS ANGELES—The L.A. Opera has signed a 27,500-square-foot industrial lease adjacent to the arts district in in Downtown Los Angeles. The company is relocating from its former arts district location, where it would have paid an additional $1.25 per square foot on rent in a lease renewal. The new lease has a 10-year term and is valued at $4.6 million, about $0.71 per square foot. The rate is standard for the market, while arts district rental rates just blocks away are more than triple the price.

“L.A. Opera’s existing location is on the market right now for $2.50 per square foot triple net. This was a significant savings for them to go a couple of blocks down the street and get out of the boundaries of the arts district,” Chris Steck, a broker at Charles Dunn Co., tells GlobeSt.com. “We paid a healthy rate to the owner for this building as well.” Steck represented the tenant in the transaction, along with his Charles Dunn colleagues Chris Giordano and John Anthony. Major Properties represented the landlord, Danjon Realty.

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