In a 15-year deal valued at almost $167M, Los Angeles County has agreed to lease 207K SF of offices in Long Beach, one of the largest office leases of the year in the area.
The county's Department of Social Services will be the tenant of offices at 1500 Hughes Way in Lincoln Village, in proximity where the 405 and 710 freeways meet.
Omninet Capital, based in Beverly Hills, acquired the 514K SF building in 2012 for $69M. According to a report in Commercial Observer, Omninet leased the offices for an estimated maximum first-year cost of more than $7.2M, with a one-time rent concession of $249K.
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.
