Oct 15, 2007
By: Dees Stribling, Midwest Correspondent
Cedars-Sinai Medical Center has signed a lease expansion at its current corporate offices, 6500 Wilshire Boulevard in Los Angeles. The lease represents a 26,980-square-foot expansion, bringing Cedars-Sinai’s existing lease to more than 200,000 square feet and the building to 99 percent leased.
The 23-story, 435,000-square-foot office building was designed by I.M. Pei and is located in the greater Beverly Hills office submarket. The building’s owner is pension giant TIAA-CREF, through its subsidiary WRC Properties.
Rick Buckley, principal with Madison Partners, represented WRC Properties in the transaction. Todd Doney of CB Richard Ellis Inc. represented Cedars-Sinai. Madison Partners was also a party to the negotiations in Cedars-Sinai’s previous lease in 2006.
Beverly Hills has proven itself to be a strong office submarket recently. According to the Colliers International, overall vacancies in the submarket stood at 3.7 percent at the end of the third quarter of 2007, compared with an overall vacancy of 6.6 percent in West Los Angeles as a whole. In the third quarter of this year, the 6.9 million-square-foot Beverly Hills submarket saw net absorption of 46,700 square feet, compared with negative absorption for West LA of 23,900 square feet.
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