Brookfield Properties Secures 127K-SF Office Renewal With USC
By Greg Cornfield January 5, 2022 5:00 am
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The tech, advertising, media and information industries that drove office leasing in Los Angeles before the pandemic are helping keep the regional activity afloat.
The University of Southern California (USC) renewed its lease for 127,000 square feet of office space at the Marina Towers on Los Angeles’ coast for its Information Sciences Institute. From artificial intelligence to cybersecurity, USC conducts research and development across a wide range of advanced information processing, computer, and communications technologies at Marina Towers.
Brookfield (BN) Properties owns the campus at 4676 Admiralty Way about four miles north of LAX. Cedars-Sinai Marina del Rey Hospital is across the street, and Cedars-Sinai occupies space at Marina Towers for internal medicine and primary care services.
Average office rent in the submarket of Marina del Rey and Playa Vista is among the highest in L.A. County at $5.56 per square foot per month after the fourth quarter of 2021. But it also posted the highest availability rate in the county with more than one-third of office space either vacant, soon-to
The tech, advertising, media and information industries made up 58 percent of major transactions by square footage.
In November, USC agreed to pay $57 million for a four-story life sciences building at its campus about 20 miles east.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
