Arup Engineering Leases 66,000 Sq Ft At Wilshire Grand Center In Downtown LA

The property involved in the lease transaction is a 66,000 square feet retail space located at 900 Wilshire Blvd in Los Angeles, CA. The asset, leased by ARUP Engineering, is situated in the Wilshire Grand Center, owned by Hanjin/Korean Air. The 15-year lease deal is valued at $57 million, with a rental rate of $4 per square foot.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $57 million
• Tenant: ARUP Engineering
• Market: Los Angeles
• Tenant's Rep: Nathan Pellow(Colliers International), Terence Kirk (Colliers International)
• Landlord: Hanjin/Korean Air

Nathan Pellow and Terence Kirk of Colliers International represented ARUP Engineering in the lease negotiation. On the landlord's side, Steve Marcussen and John Cushman III of Cushman & Wakefield took charge of representing Hanjin/Korean Air. ARUP's decision to move to the Wilshire Grand Center from Playa Vista signifies a strategic shift, giving up beach access for high-rise views, while also planning significant expansion by hiring approximately 150 new employees to occupy the larger space.