LOS ANGELES, CA - PM Realty Group (PMRG), a national, full-service commercial real estate firm, today announced the company has co-brokered with the Steve Miller Company four (4) separate lease agreements for 13,100 square feet of medical office space at 1450 10th Street in Santa Monica, California. PMRG and Miller represented the landlord, Lexham Investments, in the transactions that totaled over $2 million in consideration.
"The fundamentals of the medical office markets in the Westside continue to improve even in the wake of a sluggish economic recovery coupled with additional medical inventory being recently delivered to the area," said Mark Mattis, Senior Vice President and Healthcare Advisory Group member, of PMRG's Los Angeles office.
Parker, Rosenman-Rodi-Gyn-Infertility Medical Group and Tenth Street Pediatric Medical Group both renewed their leases for 3 years; 5,094 and 4,903 square feet respectively. Both tenants were represented by Tom Cherry of CB Richard Ellis. The other renewal was by Dr. Lawrence Matt, a Santa Monica dermatologist, who committed to an additional 3 years on his 1,674 square foot office.
Pediatrician Masood Bral, M.D., F.A.A.P., relocated his clinic from West Los Angeles to 1450 10th Street and leased 1,429 square feet for 10 years. Dr. Bral was represented by his brother, John Bral of Venture Real Estate Group. The Bral lease increased the project occupancy to 100%.
"1450 10th Street has been an attractive alternative to the on-campus experience for many physicians; it provides a Class A facility close to both Santa Monica Hospitals but it is free from the campus congestion and higher costs," reported Steve Miller who also represents Lexham on a medical building located near Torrance Memorial Hospital.
PMRG's Healthcare Advisory Group focuses on serving clients in the healthcare industry with their real estate needs. With nationwide coverage and key regional offices, PMRG can leverage existing expertise in the healthcare industry and help broaden its footprint in this growing market sector. For more information, visit: http://pmrg.com/property-services/healthcare-advisory-group or contact Scott Kuklish, EVP, Managing Director of Medical Property Services.