Rexford signs film and TV props supplier to giant warehouse lease Downtown

Omega Cinema is moving into the 245K sf property, which the industrial REIT purchased recently

Los Angeles /
Jul.July 12, 2019 09:05 AM
Rexford Industrial Realty co-CEOs Howard Schwimmer and Michael S. Frankel
Rexford Industrial Realty co-CEOs Howard Schwimmer and Michael S. Frankel

A film and television props supplier is moving from its longtime Hollywood home to a Rexford Industrial-owned warehouse in Downtown Los Angeles.

Omega Cinema Props Inc. signed a 245,000-square-foot lease just south of the Arts District, a 10-year deal valued at $27 million, according to the Los Angeles Business Journal.

Omega has been based on Santa Monica Boulevard in Hollywood for more than 90 years. The company rents thousands of props, including furniture, vintage electronics, and art.

Rexford purchased the Downtown warehouse at 1515 E. 15th Street three months ago for $28.1 million. The property dates from the 1970s and is currently occupied by half a dozen apparel manufacturers. Omega is expected to move in by the end of the year.

Brentwood-based Rexford is one of the most active industrial investors in the L.A. area. Last year, it spent $500 million on industrial properties and is keeping that pace this year.

Its co-CEOs Howard Schwimmer and Michael S. Frankel told The Real Deal in an interview in June that the firm’s success is tied to its specific focus on infill L.A. industrial properties. Those represent the most in-demand industrial properties in an incredibly tight industrial market, with a 1.9 percent vacancy rate. [LABJ]Dennis Lynch 


Related Articles

arrow_forward_ios
Renderings of the expansion, including the J.W. Marriott hotel (Saiful Bouquet)
Details of transformative LA Convention Center expansion emerge
Details of transformative LA Convention Center expansion emerge
Rexford Industrial Realty Co-CEOs Howard Schwimmer and Michael S. Frankel (Rexford)
Korean makeup manufacturer inks 100K sf sublease
Korean makeup manufacturer inks 100K sf sublease
Rexford Industrial Co-CEOs Howard Schwimmer and Michael S. Frankel and Lief Labs CEO Adel Villalobos with a rendering of the project (Rexford, Lief Labs)
Dietary supplement maker expands warehouse space in Valencia
Dietary supplement maker expands warehouse space in Valencia
Renderings of the Southern California Flower Mart and AIDS Healthcare Foundation CEO Michael Weinstein (Getty, Brooks + Scarpa)
Judge presses pause on SoCal Flower Market redevelopment
Judge presses pause on SoCal Flower Market redevelopment
The Box Yard property and Rexford Industrial co-CEOs Howard Schwimmer and Michael Frankel (Box Yard LA. Rexford Industrial)
Rexford pays $94M for Arts District industrial park
Rexford pays $94M for Arts District industrial park
(Proper Hotel, Google Maps)
Downtown LA’s Proper Hotel to open in July after years of delays
Downtown LA’s Proper Hotel to open in July after years of delays
Rexford Industrial Co-CEO Howard Schwimmer and the property (Rexford, Zillow)
Rexford Industrial co-CEO pays $17M for Brentwood home
Rexford Industrial co-CEO pays $17M for Brentwood home
Larry A. Silverstein with LA's US Bank Tower. (Getty, Silverstein)
Silverstein will pour $60M into US Bank Tower overhaul
Silverstein will pour $60M into US Bank Tower overhaul
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...