DEALS
Great American Insurance Co. will expand and relocate its primary local offices from the Miracle Mile district into about 40,000 square feet it has subleased from Aon Service Corp./Alexander & Alexander at downtown Los Angeles’ newest high-rise, the 801 Tower at 801 S. Figueroa St.
Cincinnati-based Great American is moving from about 25,000 square feet at the Wilshire Courtyard complex into two full floors at the downtown tower--space that Aon/Alexander & Alexander no longer needs after consolidating at another downtown site in the wake of its merger of the Aon and Alexander & Alexander insurance operations.
Great American is subleasing the floors for the 6 1/2-year balance of the original lease, according to Brad Feld of Cushman & Wakefield Inc., who represented Great American in the relocation search and sublease negotiations. Cushman Realty Corp.’s Lynn Williams and Pat Nally negotiated the deal on Aon/Alexander & Alexander’s behalf. The transaction is valued at between $5 million and $6 million.
Home video distributor Live Entertainment Inc. will expand and relocate its corporate headquarters from Van Nuys to about 40,000 square feet of offices at the eastern Santa Monica office building also housing the MTV Networks’ headquarters. Live signed a 10-year lease with an affiliate of M. David Paul Development, owner of the former Tenet Healthcare (previously National Medical Enterprises) headquarters building at 2700 Colorado Ave.
Live Entertainment, represented by Jim Travers and Lawson Martin of Travers Realty Corp. in the headquarters search and lease negotiations, will occupy the building’s entire second floor, according to Brad Feld of Cushman & Wakefield Inc., who negotiated the deal along with Jeff Worthe of the David Paul group.
Financial terms of the transaction weren’t disclosed, but leases in that neighborhood have recently been signed at more than $30 per square foot per year. The commercial district including the David Paul building, MGM Plaza, the Water Garden and the Arboretum developments has been seeing strong interest from the media-entertainment field. MTV occupies more than a third of offices at the five-story, 300,000-square-foot building.
