Cedars-Sinai inks lease for 76K sf at Pacific Design Center

Landlord Charles Cohen said he hopes to reach full occupancy by year end

TRD LOS ANGELES /
Dec.December 19, 2016 01:00 PM
Pacific Design Center

UPDATED, 3:33 p.m., Dec. 19: Cedars-Sinai medical center has inked a deal for 76,000 square feet at Cohen Brothers Realty’s Pacific Design Center in West Hollywood, The Real Deal has learned.

Cedars will use the Green building’s 46,500-square-foot fifth floor for administrative offices. Additionally, Cedars leased roughly 30,000 square feet in the Blue building, a source told TRD.

Todd Doney of CBRE represented Cedars in the negotiations. Marc Horowitz, Cohen Brothers Realty Corporation’s senior vice president and national director of leasing, represented the landlord.

Doney did not immediately respond to a query about rents at the property, nor did a spokesperson for Cohen. However, a source familiar with the building said the lease term was 15 years at roughly $4 a square foot a month. That would value the lease at $54.7 million.

“Cedars-Sinai’s presence in the Green Building will add further cachet to the PDC Campus’ creative tenant mix which includes prominent media, entertainment and marketing firms,” Charles Cohen said in a statement.

As of early November, Cohen told TRD there was about 150,000 square feet of vacant space remaining at the property, out of 400,000 square feet. He said he expected to be leased up by the end of 2016.

This article has been updated based on new information provided to TRD about the size of the lease. 


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