The largest publicly-operated health plan in the United States will consolidate its operations into a single building in Downtown Los Angeles, according to Rising Realty Partners.
Rising has signed L.A. Care to a 370,000-square-foot lease at its property at 1200 West 7th Street. The health plan already occupies space in the nine-story building; the new lease, which is set to commence in 2024, will account for almost all of its rentable area.
“By consolidating all of our employees under one roof, we will see significant cost savings and improve collaboration,” said John Baackes, L.A. Care CEO. “The 1200 building has a much more user-friendly floor plan that will let us operate in 63,000 fewer square feet and that will result in millions of dollars in savings each year.”
L.A. Care was represented by Clay Hammerstein of CBRE, while Rising Realty Partners was represented of John McAniff of JLL.
The L.A. Business Journal Reports that Cardinal Real Estate Investments has purchased the Continental Park office complex in El Segundo for $31 million, with plans to expand the 55,000-square-foot property by 35,000 square feet.
The resulting 90,000-square-foot complex will be leased in its entirety by co-working company WeWork.
The property abuts the Green Line's Douglas Station.
- This Week's Leases (Urbanize LA)