Skip Ribbon Commands
Skip to main content

News release

Los Angeles

AIRPORT SPECTRUM – LAX CORRIDOR SIGNS 3 OF 4 LARGEST DEALS IN FIRST HALF OF 2010

UCLA signs 10-year 80,000 sf extension, Expeditors relocates from within market in 42,000 sf and the TSA expands and extends for 61,000 sf


EL SEGUNDO, July 23, 2010 – Decron Properties and Jones Lang LaSalle announced today that they have completed three of the largest transactions in the LAX Corridor over the last year at Airport Spectrum (5757 – 5767 West Century Boulevard), stabilizing the property for the next ten years. 

“The successful completion of these deals demonstrates entrepreneurial and creative abilities during the worst economic downturn the industry and submarket has seen in 20 years,” said Daniel Nagel, Leasing Specialist for Decron Properties.

The three leases cap a successful six months of leasing activity at Airport Spectrum by the Owner, Decron Properties and its leasing team at Jones Lang LaSalle, consisting of Chris Strickfaden, Eric Adams, and Steve Solomon.  These leases include the following deals:
  • UCLA (Faculty Practice Group) signed an 80,000 square foot, ten-year extension valued at $16 million.  UCLA was represented by Sean O’Leary of Grubb & Ellis.

  • Expeditors signed a new 42,000 square foot lease at the project and took occupancy February 2010.  This five-year lease is valued at over $3.7 million.  Expeditors was represented by Jeff Kernochan of Fischer and Company.

  • The GSA (TSA – Transportation Security Administration) signed a 61,000 square foot, ten-year lease valued at $11.5 million. The lease renewal which included an expansion of 20,000 square feet and relocation on one floor.  The TSA was represented internally.
“The TSA long-term renewal is a testament to their commitment to the property and the convenience and quality of Airport Spectrum within this submarket,” said Chris Strickfaden, Managing Director of Jones Lang LaSalle. 

Airport Spectrum is two contiguous buildings comprising of over 500,000 square feet of Class A office space located at 5757 West Century and 5767 West Century located along the LAX Century Boulevard Corridor.

“Decron Properties’ business philosophy of being lowly leveraged has enabled us to offer competitive lease rates with attractive Tenant Improvement packages to incoming tenants despite the downturn in the economy and the corresponding lower rental rates,” said Nagel.  “This business strategy has clearly given Decron a distinct advantage in making deals that other landlords in this submarket cannot afford to offer.”

Decron Properties is a diversified real estate investment company that specializes in acquiring, developing, and managing various types of office building assets as well as commercial shopping centers, multi-family apartment buildings, and marinas.  The portfolio includes over 6,000,000 square feet of commercial and residential properties, reflecting a 1.2. billion dollar enterprise with 50 different projects and communities.  The company manages all of the properties in its portfolio, all of which are located in California, with a concentration of its portfolio in Los Angeles County and its surrounding communities in Southern California.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.6 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with approximately $40 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.