DivcoWest Lands Tenant at LA-Area Office Building

5250 Lankershim Blvd. Image courtesy of CommercialEdge

DivcoWest has inked a 21,377-square-foot, full-floor lease at 5250 Lankershim Blvd., a nine-story Class A office building in North Hollywood, Calif. JLL’s Senior Vice President Anneke Greco and Managing Director Patrick Church negotiated on behalf of the landlord, while CBRE’s First Vice President Marty Barkan represented the tenant, Syracuse University.

The new space will house the university’s career-oriented programs for students at The College of Visual and Performing Arts and The S.I. Newhouse School of Public Communications. The tenant is set to move to the property’s fourth floor in the fall of 2023.

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Built in 2009 and part of the NoHo Arts District, the 179,346-square-foot property includes 20,000-square-foot floor plates, 1,000 square feet of retail space and 625 covered parking spots, according to CommercialEdge. The current ownership purchased the asset in 2021 for $92 million, the same data provider shows.

Situated on a 2.2-acre lot, the office building is close to multiple bus and subway stations. The property is located 10 miles from Los Angeles County Museum of Art, 12 miles from downtown Los Angeles and within 24 miles of Los Angeles International Airport.

During the fourth quarter of 2022, the Greater Los Angeles market recorded 3.5 million square feet in leasing activity, representing a 26.8 percent drop compared to the same period of 2021, according to CBRE. With ongoing tech sector layoffs and companies favoring a hybrid work environment, office vacancy, which reached 19.2 percent at the end of 2022, will likely continue to increase, the report predicts.