USC Renews, Expands Lease at The Alhambra in LA County
The university added 14,175 square feet for a total of 87,852 square feet
Los Angeles County is finishing the week with yet another office lease announcement.
The University of Southern California has renewed and expanded its lease at a 40-acre mixed-use office campus that The Ratkovich Company redeveloped in the city of Alhambra, about 6 miles east of Downtown L.A. The university added 14,175 square feet for a total of 87,852 square feet at The Alhambra campus at 1000 South Fremont Avenue.
The announcement adds to a string of recent office deals and leases this month that have been like a shot in the arm for an L.A. market desperate for activity. The USC expansion follows Innova Medical Group’s long-term agreement for about 15,000 square feet in the Pasadena Towers, which is also in the San Gabriel Valley. And Jamison signed a creative agency and production tenant in L.A.’s Miracle Mile, while Thompson Coburn LLP signed for almost 25,000 square feet in Century City.
Ratkovich acquired The Alhambra in 1999 and redeveloped the property. In 2017, ELITE International and Future Land Development formed a new ownership structure with Ratkovich, which included bringing new debt and the full payment of a previous CMBS loan. Then, last year, Wells Fargo provided $150 million in CMBS refinancing for the property.
CBRE represented both USC and the landlord. John Zanetos, Chris Penrose and Phillip Ruhl represented The Alhambra, while Rocky Binswanger and David Freitag represented USC.
L.A.-based Ratkovich is also responsible for the $150 million San Pedro Public Market development; a 1.8 million-square-foot mixed-use property in Downtown L.A. called The Bloc; and the landmark Hercules Campus at Playa Vista, which is home to Google and advertising firm 72andSunny, and includes the hangar where Howard Hughes’ legendary Spruce Goose was built.
Correction: A previous version of this article included the incorrect square footage for the entire campus.