By Alex Girda, Associate Editor
The LAX real estate submarket recently recorded a major leasing deal, as the area continues to transform. The County of Los Angeles renewed its agreement with landlord JM Eagle, and is set to stay on the tenant roster at the company’s building on W. Century Boulevard near the Los Angeles International Airport.
Inked for an additional five years, the leasing agreement means that the county will continue to occupy its 50,100 square feet of space at the JM Eagle building. The value of the loan is estimated at around $6 million. According to rentv.com, the tenant chose to represent itself during the leasing process, while the owner, a company dealing with PVC pipe manufacturing, was represented by Charles Dunn Company.
Located at 5200 W. Century Blvd, the 10-story building offers a total of around 325,000 square feet of office space. Offering proximity to the 405 and 105 freeways, the property also offers proximity to LAX. The building has seen a spike in leasing over the past 12 months, with its occupancy rate climbing from 60 to 70 percent over that interval, part of the overall trend in the submarket. According to Chris Runyen of Charles Dunn Company, the market has become “a less costly alternative to El Segundo, Playa Vista, and Silicon Beach.”
Image courtesy of charlesdunn.com