Child care center signs 17K sf DTLA lease

Deal at 515 S. Figueroa Street is valued at more than $9M

May.May 16, 2017 04:47 PM
515 S. Figueroa Street (Google Maps)

It’s a family affair for the former Manulife Plaza building at 515 S. Figueroa Street in Downtown Los Angeles.

Bright Horizons Family Solutions signed a 15-year lease with the building’s landlord, John Hancock Insurance, for a 17,000-square-foot space, The Real Deal has learned. The company will operate a child care center that encompasses a full floor of the building. 

Tim Dwight of Colliers represented Bright Horizons in the lease deal. Nico Vilgiate of Colliers represented the landlord, according to 42floors.

The lease is valued at more than $9 million, according to a spokesperson for Colliers International. Bright Horizons plans to open its child care center this fall.

The 21-story office building was recently renovated. Another new tenant, Orangetheory Fitness gym, is also slated for a fall opening.

Dwight said the addition of Bright Horizons will help meet the childcare needs of families as more residential units come online Downtown.

Last year, 2,671 residential units were completed Downtown and construction began on another 4,000, according to a recent report from the Downtown Center Business Improvement District. An additional 40 downtown projects were proposed at the end of the fourth quarter, representing another 7,600 new housing units.

The influx of new inventory has lenders concerned there will be on oversupply of luxury units Downtown, insiders told The Real Deal last month. As a result, construction financing has been increasing hard to come by.

Related Articles

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando