Onni Inks 51 KSF at Los Angeles Office Building
The lease is valued at more than $18.8 million.
Los Angeles-based nonprofit organization Frank D. Lanterman Regional Center has signed a 10-year 50,836-rentable-square-foot lease at Onni Group’s 611 North Brand, a 396,000-square-foot office property in Glendale, Calif. The transaction is valued at more than $18.8 million.
This corporate relocation will involve the organization moving out from Wilshire Plaza, at 3303 Wilshire Blvd., and into Onni’s property, where it will occupy two floors. As exclusive leasing agent, Kidder Mathews represented the ownership in the deal, while Cresa worked on behalf of the tenant.
June saw average office listing rates in Los Angeles clock in at $41.41 per square foot, reflecting a 0.9 percent increase year-over-year, above the $32.87 national average, according to the latest Yardi Matrix report. During the same month, vacancy in the metro dropped to 14.8 percent, down 220 basis points over a 12-month period and significantly lower than the 19.4 percent U.S. figure.
Glendale Center, up close
Located at 611 N. Brand Blvd., the property is just off Freeway 134, near the third-largest shopping mall in Los Angeles County, the 1.3 million-square-foot Glendale Galleria. Griffith Park and Interstate 5 are within 3 miles west of the office building. Downtown Los Angeles is within 10 miles south.
Completed in 1972, the mid-rise also dubbed Glendale Center underwent cosmetic renovations in 1996. The 14-story building has 24,537 square feet floorplates and includes six passenger elevators and 1,147 parking spots. Amenities feature a wellness center, tenant lounge and cafe area.
The tenant roster includes WeWork, which occupies more than 51,000 square feet, as well as the Department of Children and Family Services, which leases almost 83,000 square feet, according to Yardi Research Data. The nonprofit organization operates under contract with California’s Department of Developmental Services.
Kidder Mathews Executive Vice Presidents Linda Lee and Bill Boyd, together with Senior Vice President Scott Unger worked on behalf of the ownership, while Cresa Managing Principal Dennis Smith represented the tenant.
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