Transamerica signs $75 million lease at AT&T Center.ONE of the largest lease deals of the year has closed in 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 . Transamerica Occidental oc·ci·den·tal or Oc·ci·den·tal adj. Of or relating to the countries of the Occident or their peoples or cultures; western. n. A native or inhabitant of an Occidental country; a westerner. Noun 1. Life Insurance Co. has signed a 10-year lease to remain at the AT&T Center in a deal valued at about $75 million, said sources familiar with the downtown real estate market. The lease deal on 260,000 square feet means that the three-building center will retain one of its anchor tenants at the 32-story Tower building. "We are pleased to have Transamerica as a major tenant in the project," said Phil Belling, managing partner at LBA (Logical Block Addressing) A method used to address hard disks by a single sector number rather than by cylinder, head and sector (CHS). LBA was introduced to support ATA/IDE drives as they reached 504MB, and Enhanced BIOSs in the PC translated CHS addressing into LBA Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. , the center's owner. "We are pleased Transamerica has made a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. commitment to the property and to downtown Los Angeles." However, Transamerica's new lease will be for about 90,000 square feet less than its old lease. But the company is not losing employees, said Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. Inc. managing director Peter Best, who represented Transamerica in the deal. "It is streamlining and right-sizing," Best said. The lease begins in 2008 when Transamerica's old lease ends. AT&T Center, which is located at 12th and Olive streets, is currently undergoing major interior and exterior renovations, which are expected to be completed in early 2007. Interior renovations will include a new lobby, building entrances, retail space, and a food court. These renovations helped keep Transamerica at the center, as did the complex's proximity to downtown's burgeoning South Park area, which features many new loft and condo projects and Staples Center This article has multiple issues: * Its neutrality is disputed. * It may contain original research or unverifiable claims. * It does not cite any references or sources. , among other developments. The lease works out to about $288 per square-foot. Transamerica built the complex in the 1960s and was leasing the office space at a below-market rate as part of a deal it made when it sold the building to New Pacific Realty Corp. several years ago, Best said. Best said that Transamerica looked at other markets like Burbank, Glendale, Woodland Hills and Long Beach before deciding to remain in the complex. "They looked at all the alternatives and really feel like since they built the project in the 1960s they decided to stay with LBA," Best said. Best said Transamerica also stayed downtown because it was concerned with losing employees who lived near the area. Lisa St. John and James Malone of Jones Lang LaSalle also represented Transamerica on the deal. Todd Doney and Bruce Asper of 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. Group Inc. represented LBA Realty. |
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