1-800-HOPE LLC Closes $31 Million Lease Transaction for MCI/WorldCom; Largest Lease Transaction for New Tenant in Downtown Los Angeles in the Past Five Years.
1-800-HOPE LLC, today announced the closing of a $31 million, 10-year, five-month lease transaction with MCI/WorldCom for an additional 118,000 square feet in the 800 South Hope St. building, in downtown Los Angeles.
"This closing marks the finalization of the largest lease transaction for a new tenant in the downtown area within the past five years," said Robert D. Beguelin, a member in 1-800-HOPE LLC.
MCI/WorldCom, which moved into the structure last April, originally occupied 16,000 square feet of space in the structure. That lease was expanded earlier this year to include an additional 85,000 square feet. With the closing of the new 118,000-square-foot leasing transaction, MCI/WorldCom will occupy approximately 205,000 square feet.
Terms of the leases, which will both expire concurrently in 10 years, five months, from the date of the last lease, include three five-year options.
The 800 South Hope St. structure is a state-of-the-art telecommunications building that serves as the home for MCI/WorldCom's international switch, which serves as a portal to MCI's new Trans Pacific fiber optic cable.
Two additional telecommunications companies are housed in the structure: TELx, a New York-based collocation company, which was represented by Insignia/ESG, Rob Meyers and Kevin Bender; and PRISM, a long distance company with headquarters in New York, which was represented by Bill Peters and Corry Spound of the Staubach Company.
MCI/WorldCom was represented by brokers, Ronda Sigrist and Wade Clark of Seeley Company. 1-800-HOPE LLC was represented by Rob Beguelin.
Infrastructure improvements and upgrades, which have recently been completed, include the availability of 24,000 amps of electricity, back-up power generators, additional riser space for tenant use, and dual diverse conduit connectivity.
"We know that telecommunications companies require special systems and power to manage their operations, in addition we went to great lengths to provide dual diverse conduit connectivity for these telecom companies," said Beguelin.
The owning entity of the building, 1-800-HOPE LLC, is located at 13440 Ventura Blvd., Sherman Oaks, Calif. 91423; 818/788-3232. Sherman Oaks-based ACF Property Management Inc. is the property manager.
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|Date:||Nov 1, 1999|
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