JLL to Handle Leasing Efforts for 510 KSF California Office Complex
- Feb 16, 2012
February 16, 2012
By Nicholas Ziegler, News Editor
LNR Property L.L.C., the owner of Warner Center IV in Woodland Hills, Calif., has tapped services firm Jones Lang LaSalle Inc. to lease the 509,923-square-foot Class A office complex. The building is currently 48 percent leased to tenants including Intuit Inc. and Wells Fargo.
With conditions in the Los Angeles area looking to turn around, the firm is poised to ride a wave of positive motion in the office sector. According to JLL’s internal research, while the city’s near-12 percent unemployment rate still remains above the national average of 8.6 percent and office vacancy sits at 18 percent, “there are indications that the commercial office market in Los Angeles has definitely turned the corner in the last six months.”
“As long as all major employer head counts in the L.A. North market remain stable, I believe the office market will remain stable as well,” Ryan House, vice president with JLL, told Commercial Property Executive. “There seems to be a slight increase in activity within the market, however it is too early to tell whether actual tenant relocations will increase from years past, when renewals were a more common occurrence.”
House went on to mention that he, along with co-leasing partner Dan Sanchez, an executive vice president with JLL, will be targeting leases ranging from 5,000 to 200,000 square feet for tenants that “may benefit by relocating to the most highly efficient office project in the L.A. North market.”
JLL has been busy racking up leasing assignments of late. Last week, the firm was awarded a contract for the 1 million-square-foot, Class A tower at 1177 Avenue of the Americas in Manhattan by building co-owners Silverstein Properties and California State Teachers’ Retirement System.