DEALS
Underlining the strong demand for office space on the Westside, National Digital Television Center, a subsidiary of cable industry giant TCI, has agreed to lease a 1950s-era warehouse building at 12312 Olympic Blvd. in Santa Monica in a 10-year deal reportedly valued at $21.5 million. El Segundo-based Kilroy Realty Corp. purchased the vacant building and surrounding land in December. The structure will be renovated and enlarged slightly to 78,000 square feet for NDTC’s second-quarter move-in, said Tyler Rose, Kilroy senior vice president. It is the first phase of a $75-million campus-style development that will eventually total 300,000 square feet, Kilroy executives said.
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Through a sublease transaction valued at more than $8 million, Crystal Cruises will substantially relocate and expand its headquarters within Century City. Crystal, which operates the Crystal Harmony and Crystal Symphony cruise ships, plans to move this fall from about 21,000 square feet at Fox Plaza to about 38,000 square feet across Olympic Boulevard on the 14th and 15th floors of the south tower (2049 Century Park East) of the Century Plaza Towers complex.
Crystal Cruises agreed to sublease the offices for about eight years from Allegheny Teledyne Corp. In the wake of the merger between Teledyne Inc. and Pittsburgh-based Allegheny Ludlum Corp., the company no longer needed the bulk of what had been Teledyne’s 50,000-square-foot corporate headquarters, said CB Commercial Real Estate’s Hunt Barnett, who represented Allegheny Teledyne in the sublease negotiations along with CB’s Brian Davies. Lawson Martin of Travers Realty represented Crystal Cruises, which wanted to stay in Century City as it expanded.
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Reflecting strong demand for industrial facilities in the South Bay, business park developer Watson Land has leased 525,000 square feet of space within its Watson Industrial Center South complex in Carson to three large tenants. It has also begun construction on five buildings totaling about 550,000 square feet--200,000 customized for existing tenants and about 350,000 of “speculative” development, with no tenant commitments.
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Through a transaction valued at $13 million, GKN Westland Aerospace (North America) leased about 220,000 square feet for 15 years for an aerospace component manufacturing facility. In a $9.8-million, 10-year deal, Hudd Distribution Services leased a 180,000-square-foot distribution building. And Unipak Logistics leased a distribution building totaling just under 130,000 square feet in a $1.6-million transaction.
