{"id":1004661698,"date":"2023-05-10T00:37:08","date_gmt":"2023-05-10T08:37:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004661698"},"modified":"2023-05-10T00:37:09","modified_gmt":"2023-05-10T08:37:09","slug":"divcowest-lands-tenant-at-la-area-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/divcowest-lands-tenant-at-la-area-office-building\/","title":{"rendered":"DivcoWest Lands Tenant at LA-Area Office Building"},"content":{"rendered":"
\"5250<\/a>

5250 Lankershim Blvd. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

DivcoWest<\/strong> has inked a 21,377-square-foot, full-floor lease at 5250 Lankershim Blvd., a nine-story Class A office building in North Hollywood, Calif. JLL<\/strong>\u2019s Senior Vice President Anneke Greco and Managing Director Patrick Church negotiated on behalf of the landlord, while CBRE<\/strong>\u2019s First Vice President Marty Barkan represented the tenant, Syracuse University<\/strong>.<\/p>\n

The new space will house the university\u2019s career-oriented programs for students at The College of Visual and Performing Arts and The S.I. Newhouse School of Public Communications. The tenant is set to move to the property\u2019s fourth floor in the fall of 2023.<\/p>\n

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READ ALSO<\/strong>: Top 10 Commercial Real Estate Trends for 2023<\/a><\/p>\n

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Built in 2009 and part of the NoHo Arts District, the 179,346-square-foot property includes 20,000-square-foot floor plates, 1,000 square feet of retail space and 625 covered parking spots, according to CommercialEdge. The current ownership purchased the asset in 2021 for $92 million, the same data provider shows.<\/p>\n

Situated on a 2.2-acre lot, the office building is close to multiple bus and subway stations. The property is located 10 miles from Los Angeles County Museum of Art, 12 miles from downtown Los Angeles and within 24 miles of Los Angeles International Airport.<\/p>\n

During the fourth quarter of 2022, the Greater Los Angeles market<\/a> recorded 3.5 million square feet in leasing activity, representing a 26.8 percent drop compared to the same period of 2021, according to CBRE. With ongoing\u00a0tech sector layoffs<\/a> and companies favoring a hybrid work environment, office vacancy, which reached 19.2 percent at the end of 2022, will likely continue to increase, the report predicts.<\/p>\n","protected":false},"excerpt":{"rendered":"

A university took space at the NoHo Arts District property.<\/p>\n","protected":false},"author":2991,"featured_media":1004661713,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1594,21742,21747,15],"tags":[32789,32841,32796],"class_list":["post-1004661698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-los-angeles","category-latest","category-office","category-west","tag-cbre","tag-divcowest","tag-jll"],"acf":[],"yoast_head":"\nDivcoWest Lands Tenant at LA-Area Office Building - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"DivcoWest has inked a 21,377-square-foot, full-floor lease at its nine-story, Class A office building in North Hollywood, Calif.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/divcowest-lands-tenant-at-la-area-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DivcoWest Lands Tenant at LA-Area Office Building\" \/>\n<meta property=\"og:description\" content=\"DivcoWest has inked a 21,377-square-foot, full-floor lease at its nine-story, Class A office building in North Hollywood, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/divcowest-lands-tenant-at-la-area-office-building\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-10T08:37:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-10T08:37:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/7275-e1683631922189.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"627\" \/>\n\t<meta property=\"og:image:height\" content=\"470\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/divcowest-lands-tenant-at-la-area-office-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/divcowest-lands-tenant-at-la-area-office-building\/\",\"name\":\"DivcoWest Lands Tenant at LA-Area Office Building - 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