Decron Properties Secures Two New Tenants in Los Angeles
The 87,000-square-foot building is now 92 percent leased
Privately-owned real estate firm Decron Properties has two new tenants at its Class A office building along Wilshire Boulevard in Los Angeles near Beverly Hills.
The L.A.-based landlord secured the lease agreements at 6222 Wilshire Boulevard with the Federative Republic of Brazil for a new consulate space, and with Hanger Clinic, a leading provider of orthotic and prosthetic care. The nearly 87,000-square-foot building, now 92 percent leased, also serves as Decron’s corporate headquarters.
Brazil’s Consulate General in L.A. will occupy the property’s 16,000-square-foot penthouse, under a 10-and-a-half year lease worth $10.4 million. That makes it the fourth tenant at the building under a 10-year lease, per Decron.
Hanger Clinic signed the other lease, for 4,000 square feet on the building’s third floor on an eight-year term, for an undisclosed price. The new space will serve as Hanger’s 19th location in Greater Los Angeles.
The building is within two blocks of the L.A. County Museum of Art and the Academy Museum of Motion Pictures in Miracle Mile, as well as a block and a half from the future site of the Wilshire/Fairfax Metro station.
“Signing multiple tenants to long-term leases is extremely rare, especially at a time when office buildings are struggling to maintain occupancy,” Decron CEO David Nagel said. “Having multiple long-term tenants provides the type of stability that all property owners desire and is a testament to our building’s prime location.”
JLL (JLL)’s Micheal Geller, Ben Silver and Greg Astor represented Decron in both transactions. Brian M. Dunne and Don Hudson of Kidder Mathews, along with Stan Gerlach from CBRE (CBRE), represented Brazil. Cushman & Wakefield (CWK) represented Hanger.
Decron’s portfolio includes roughly 1 million square feet of office and retail space and 10,000 apartment units throughout California, Washington and Arizona, including a multifamily complex near Phoenix that the firm purchased last year for nearly $100 million, per CoStar.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
UPDATE: This story has been updated with the names of brokers and to include Kidder Mathews as tenant broker.