Hispanic Broadcasting Finds New Home
Dallas-based Hispanic Broadcasting Corp., which owns two of the Los Angeles market’s top three radio stations, will substantially expand and relocate its primary local operations center from a landmark office tower in the heart of Hollywood to the top two floors of the Southland’s newest commercial high-rise, the 24-story Glendale Plaza in downtown Glendale.
Hispanic Broadcasting, the nation’s biggest owner of Spanish-language radio stations, owns Spanish-language KSCA-FM (101.1) and “love song” specialist KLVE-FM (107.5), which ranked first and third, respectively, in the latest quarterly survey from the Arbitron ratings service.
The company, traded on the New York Stock Exchange, recently purchased KACE-FM (103.9) and KRTO-FM (98.3), and also owns KTNQ-AM (1020).
Hispanic Broadcasting now occupies about 20,000 square feet at the Hollywood & Vine Plaza office tower in the heart of Tinseltown. But its recent growth created a need for more space to house some 175 employees involved in broadcasting, marketing and administration.
The company signed a 15-year lease to occupy about 50,000 square feet encompassing Glendale Plaza’s top two floors.
The 532,000-square-foot tower--a speculative real estate development that had faced some skepticism about its ability to attract tenants--is now 99% leased a little more than a year after opening its doors.
Rosey T. Miller of Julien J. Studley Inc. represented Hispanic Broadcasting in the search for a larger facility and in negotiations with Glendale Plaza’s developers. CB Richard Ellis’ Doug Marlow and Nicole Wilson represented the development team, including Morgan Stanley Real Estate Fund II and Glendale-based PacTen Partners.
No financial details of the Hispanic Broadcasting lease were disclosed. However, one of the building’s largest recent transactions, also for two upper floors, averaged $31.50 per square foot annually over a 10-year lease term. At a slightly higher rental rate, the Hispanic Broadcasting lease value would be in the range of $25 million.
