LOS ANGELES- National commercial real estate services firm Studley has completed a 36,000-sf office relocation for Salomon Smith Barney, a Citigroup Company. The brokerage firm will move one of its regional offices at 333 South Grand Avenue in Downtown Los Angeles to the Citibank Center at 444 South Flower Street in Downtown Los Angeles in Oct.of 2002.
Salomon Smith Barney has signed a 10-year lease commitment for the new office space. The firm will sublease two floors from ARCO for the first nine years of occupancy, and then go into a direct lease with building owner Meijiseimi Pacific Freeholds at the beginning of the 10th year.
Rosey T. Miller, senior managing director in the Los Angeles office of Studley represented Salomon Smith Barney in the transaction, which is valued at $8.5 million. Hayden Eaves and Kinden Mitchell of Colliers Seeley represented ARCO in the nine-year sublease portion of the lease deal, while Stephanie Abel of Insignia represented the building owner in negotiating theone-year direct lease.
In related news, Studley represented Charter Communications, the nation's fourth largest broadband communications company, in the build-to-suit purchase of a 210,000-sf office/operations center campus. The campus is comprised of two custom buildings located at 4777 and 4781 Irwindale Ave., in Irwindale, CA. The firm consolidated and relocated its regionaloffices and technical operations from 2215 West Mission Road last month.
Josef Farrar and David Kluth, corporate managing directors and Brian Fennelly, assistant director in Studley¹s Downtown Los Angeles office, represented Charter Communications in the $20 million transaction. The seller, Trammell Crow Company, was represented by Phil Lombardo.
Charter Communications hired Studley in early 1999 to conduct a study to consolidate the firm's Southern California operations. After demographic, municipal and real estate information was compiled, competing projects in the cities of Irwindale and Alhambra provided the most optimal real estate, according to Studley. Ultimately, Irwindale¹s pro-business stance, coupled with the availability of approximately 20 acres of land to accommodate over-standard parking, brought Charter to the Irwindale Business Center.
Charter¹s two-building campus includes a 120,000-sf administrative, technical/operations building and a 90,000-sf call center, along with an outdoor employee courtyard and amenities. The project was completed by seller/developer Trammell Crow Company, in less than ten months, includingall interior and exterior improvements.
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