The University of Southern California has extended its lease at 1000 South Fremont Avenue in Alhambra, California. USC consolidated its occupancy from approximately 122,000 square feet to approximately 57,000 square feet as part of its overall real estate strategy, which included shifting some personnel to other university-controlled facilities.
David Gordon and Stephen Walbridge, executive vice presidents with global tenant advisory firm Studley’s Corporate Services Group, represented the university in the lease restructure. The new seven-year lease is valued at approximately $8 million.
“After analyzing a number of alternatives, USC made a decision to consolidate at its current location,” said Gordon.
“The extension reduced our client’s occupancy costs while confirming a long-term commitment to the property, a positive outcome for both USC and the building ownership,” added Walbridge.
1000 South Fremont Avenue is an 800,000-square-foot, multi-building campus and was the former location of CF Braun & Co.
The owner, The Alhambra Office Community, LLC (Wayne Ratkovich), was represented in the transaction by CBRE.