Century City site serves as major draw for ground floor.TENANTS are fighting to get into the ground floor of Century City s newest high-rise, even though completion is more than a year away. Comerica Inc. signed up for a ground-floor bank branch and office space at 2000 Avenue of the Stars in a 15-year lease worth $32.8 million. And the leasing agent, Trammell Crow F. Trammell Crow (born June 11, 1914, in Dallas, Texas) is an American property developer who created several famous projects, including Dallas Market Center, Peachtree Center (Atlanta, Georgia), and San Francisco's Embarcadero Center. Co.. is nearing a 12-year deal worth up to $7.6 million with Fidelity Investments Fidelity Investments is a group of privately held companies in the financial services industry. It is made up by two independent but closely cooperating companies, Fidelity Management and Research Corporation (FMR Co. Institutional Services Co. for a 10,600-square-foot ground-floor space. Calls to Trammell Crow weren't returned. The firm manages the project for JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. & Co., which owns the buildings through pension fund clients. Comerica spokesman Alfredo Padilla said a deal was pending but declined to comment further. Comerica outbid out·bid tr.v. out·bid, out·bid·den or out·bid, out·bid·ding, out·bids To bid higher than: We outbid our rivals at the auction. City National Corp. for the ground-floor branch, according to sources close to the deal, paying $5 a foot triple-net for a 6,667-square-foot branch, for a subtotal subtotal /sub·to·tal/ (sub-to´t'l) less than, but often almost, complete. of $6 million. Comerica also paid $4.25 a foot triple-net for 35,000 square feet of office space, for a subtotal of $26.8 million. The site of the new 2000 Avenue of the Stars complex had been home of the former ABC Entertainment complex, which also housed the Shubert Theatre. Meanwhile, Fidelity plans to move to the building from its current offices at 10100 Santa Monica Blvd. It would pay $5 a foot triple-net for its ground-floor space. These rates are substantially higher than average Century City office rents. At the end of June, landlords, on average, were asking $3.09 a foot, according to Grubb & Ellis Co. While there is still a glut of office space on the Century City market, ground floor retail space remains at a premium. CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. Inc.'s Start McElroy, who is representing Fidelity Investments in its lease, said he is also working for two other shops interested in space. International Coffee & Tea LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control wants to open a Coffee Bean coffee bean see sesbania. & Tea Leaf cafe and PF Chang's China Bistro Inc. plans to open its fast casual concept Pet Wet Asian Diner. McElroy wouldn't comment on terms of the deals because all three clients' leases are still in negotiations. Craig DeMiranda of Trammell Crow's Irvine office represented Comerica on the lease. DeMiranda referred requests for comment to Comerica. Trammell Crow's Brad Cox represented the landlord. Staff reporter Andy Fixmer can be reached by phone at (323) 549-5225, ext. 263, or by e-mail at afixmer@labusinessjounal.com. |
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