Developer says Coopers & Lybrand remains legally committed to lease, partnership deal.Developer says Coopers & Lybrand remains legally committed to lease, partnership deal The abundance of downtown office space coupled with the financial snares of new development may have focused the efforts of at least one major firm on downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or . The national accounting firm of Coopers & Lybrand reportedly is nixing plans to become the anchor tenant in a proposed $125 million project in Central City West, to the displeasure of developer Platt Commercial Enterprises of Marina del Rey Del Rey may refer to:
According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Peter Chin "Peter Chin" may refer to:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of real estate and planning office, the firm has "executed a termination agreement on the lease for the new space." Officials from the New York office were in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. recently to look at potential spaces. Chin confirmed the visit but declined to name the properties. Buildings reportedly under consideration include the California Plaza The name California Plaza may refer to one of the following locations in Los Angeles:
The investment banking firm of Goldman, Sachs & Co. is said to be assisting in the search for approximately 200,000 square feet of office space on a 15-year term, which could translate into a $75 million to $100 million deal. Albert Theiss Jr., managing partner of Coopers & Lybrand's local office, said the firm has "engaged Goldman, Sachs to evaluate our real estate needs." He also said a number of interior design firms were recently interviewed, but declined to identify them specifically. As reported earlier by the Business Journal, Coopers & Lybrand originally agreed to become the anchor tenant for Platt Commercial's 33-story office tower planned for the property directly behind Coopers & Lybrand's existing building. The building currently occupied by the accounting firm, bordered by Sixth Street, Wilshire Boulevard Wilshire Boulevard is one of the principal east-west arterial roads in Los Angeles, California, United States. It was named for H. Gaylord Wilshire (1861-1927), an Ohio native who made and lost fortunes in real estate, farming, and gold mining. , the Harbor (110) Freeway and St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery Avenue, would then be torn down and replaced by an open-air plaza. But, these arrangements were contingent on Platt Commercial meeting certain conditions. When the developer had trouble securing financing and acquiring the property permits within the given time limits, Coopers & Lybrands granted extensions. Now, some downtown buildings with available space are offering deals significantly below the price per square foot being asked. Rick Platt, president of Platt Commercial, maintains that Coopers & Lybrand is contracted under at least two documents, most significantly a lease and a partnership agreement, to remain the anchor tenant. Although the termination letter was received by Platt, he said that Coopers & Lybrand is "still obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. " to the developer. But, "they can do an analysis of alternative options," in the market, he said. And concerning reports of recent interviews with design firms, Platt said that all tenants retain their own interior design firms. Platt, still looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. financiers for the project, said that although "no loans have been formally recorded," he has "confidence in the commitment" of certain groups which have promised to support the new office building. But, he added, "we have not been actively leasing the building." Platt added he would not do any leasing until the Coopers & Lybrand situation is settled. But, he said potential tenants have expressed interest in the building. The length of Coopers & Lybrand's current lease was not disclosed, but both Platt and officials at Coopers & Lybrand say they expect the situation to be resolved in the near future. And despite having received the termination notice from Coopers & Lybrand, Platt said that "there is no question we will go forward with the building." PHOTO : Lease: Coopers' current space would be demolished |
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