The Chicago School to Take Two Full Floors at Aon Center in $15M+ Lease Deal
LOS ANGELES, November 5, 2018 – Cushman & Wakefield (NYSE: CWK) announced today that The Chicago School of Professional Psychology has signed a lease to relocate their Los Angeles campus. It will occupy 37,515 square feet (sf) at Aon Center in a 10-year, 5-month lease valued at $15.68 million.
Brokerage professionals Ryan Phillips and Eric Duncanson from Cushman & Wakefield’s Los Angeles office, in collaboration with Jeffrey Skender, Craig Cassell, Ari Klein, Scott Shelbourne, and Marcus Berglund from the firm’s Chicago office, represented The Chicago School in their relocation. The landlord Shorenstein Company was represented by Josh Wrobel, Tim Miller, and Dana Vargas with JLL.
Aon Center, located at 707 Wilshire Blvd, is a 62-story, 1,115,228-sf office tower in Downtown L.A. with tenants such as Aon Corporation and Morrison & Foerster LLP in the building. The property occupies two thirds of a city block between Wilshire Boulevard and West 6th Street along South Hope Street in the Financial District.
“We love the downtown district and wanted to stay here. As a university devoted to service to community and diversity, we wanted to be in an area that would not just be easily accessible, but one that offered our students opportunities to help others and to learn through real world training,” said Michele Nealon, Psy.D., President of The Chicago School. “We wanted a location that attracted the diverse student and employee populations we feel are necessary for a complete educational experience, and the new location fits our needs.”
“We were engaged by The Chicago School of Professional Psychology to either renew at their current building or to relocate to a new building downtown,” said Mr. Phillips, Director. “Once we identified 707 Wilshire as the best option, we were able to successfully negotiate their relocation to two full floors, in addition to ground-level retail space for their admissions and student relations office across the street, providing additional signage and brand exposure for the school.”
The Chicago School, whose campus has been located at 617 W. 7th Street since 2008, is a not-for-profit, accredited institution with more than 4,200 students at campuses in Chicago, California, Washington D.C. and online. Their new lease for the 6th and 7th floors of Aon Center begins June 2019. The admissions and student relations offices, which adds an additional 2,372 sf of space leased, will be located across the street at 637 Wilshire Blvd, a property also owned by the Shorenstein Company.
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