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

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

Jose Huizar gave new details Monday on Pershing Square redesign (Credit: Getty Images and Wikipedia)

An embattled Jose Huizar revives Pershing Square redesign

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

Greenland exec Hu Gang and Metropolis Tower III (Credit: BuzzBuzzHome)

Greenland opts to go rental at Metropolis tower in DTLA

6277 E. Slauson Avenue, and from left: Prologis CEO Hamid Moghadam and Rexford Industrial co-CEOs Howard Schwimmer and Michael Frankel (Credit: Google Maps)

Rexford buys industrial property from Prologis for $41M

Equity Residential CEO Mark Parrell and a rendering of the 4th and Hill tower

Equity Residential’s long-stalled DTLA residential tower project is back

Terreno Realty Chairman & CEO W. Blake Baird

Terreno Realty makes another industrial play in LA

Los Angeles City Planning Commission President Samantha Millman and a rendering of the Flower Market project (credit: Brooks + Scarpa and Twitter)

Development bloom: SoCal Flower Market mixed-use project in DTLA clears hurdle

Downtown Los Angeles (credit: Jeff Cleary and Laurie Avocado)

Rezoning Downtown — Skid Row included — must include more affordable housing, advocates say