Caine & Weiner, an accounts receivable management company, will relocate its national headquarters from the Warner Center in Woodland Hills, Calif., to the more centrally located Sherman Oaks area, Commercial Observer has learned.
The newly renovated 16,971-square-foot space, leased in early October on the firm’s behalf by CBRE’s Andrew Ratner and Ron Wade, is located at 5805 Sepulveda Blvd. close to both the 405 and 101 freeway interchange.
Caine & Weiner’s 150-member staff will occupy a full floor in the eight-story building starting on Feb. 1, 2018, taking over from former tenant LoanMart, which vacated in May 2017. LoanMart moved to Sherman Plaza West in Van Nuys in order to expand their office space.
Renovations to be executed include a 50 percent open-plan space with exposed ceilings, full height glass office and conference walls, according to CBRE. The interior renovations, which will total around $750,000, will be paid for by the property’s landlord.
“The space fulfilled everything the tenant was looking for,” Wade said in a prepared statement. “It incorporates the best workplace practices, technology, footprint optimization, creative design elements and top-of-the line call center operations for their national headquarters.”
The CBRE brokers negotiated “an aggressive rental rate,” though they were not at liberty to disclose the final agreed upon number for the seven-year lease.
The landlord, 5805 Sepulveda LLC, a local real estate investment firm which has owned the property for 15 years, was represented by Bruce Frasco of Corporate Asset Group. While he said he could not discuss the specifics of the C&W deal, Frasco said the asking rate for the space was $31.80 per square foot a year. He also said the building underwent $2 million in renovations in the last nine months, including restroom, lobby and common area upgrades.
Building tenants include Aflac, Landmark Network and JSI Acquisition.