Charles Cohen is 8,000 square feet closer to his goal of fully leasing the Red Building at his 14-acre Pacific Design Center in West Hollywood.
Criteria Corporation, an employment testing service, signed a lease to double the space it takes in the East Tower of the Red Building at 750 San Vicente Boulevard. It will expand from 8,000 to 16,000 square feet on the 15th floor, Cohen’s company announced Monday.
The East Tower of the 2013-built crimson structure is now about 98 percent leased, said Marc Horowitz of Cohen Brothers Realty, who represented the developer in the deal. Savills Studley’s Michael Shuken represented Criteria.
The Red building’s West Tower is between 15 and 20 percent leased, Horowitz said.
“We 100 percent expect both towers to be 100 percent leased before the end of 2017,” he told The Real Deal.
The terms of lease are not known. Asking rents at comparable properties in the area average about $4.25 per square foot per month, CoStar shows. That figure would value Criteria’s lease, if it is ten years long, at north of $8 million.
Cedars-Sinai medical center also recently inked a major deal at the PDC, signing a 76,000-square-foot lease in the Green and Blue buildings last month, The Real Deal reported.