CRESA Negotiates $8.6 Million Lease Transaction at 707 Wilshire Blvd. For Glumac Engineering

LOS ANGELES, Calif. – June 11, 2014 – (RealEstateRama) — CRESA Partners, one of the world’s largest tenant representation firms, has negotiated a $8.6 million lease transaction for approximately 17,500 SF of the 707 Wilshire Blvd. building, in the heart of downtown Los Angeles, on behalf of Glumac Engineering. Joe Faulkner, executive vice president of CRESA Partners, represented the tenant on the 12-year lease. John McAniff, managing director of Jones Lang LaSalle, represented the landlord, Beacon Properties.

“Glumac, one of the nation’s leading full service engineering firms, remains committed to the City of Los Angeles,” said Faulkner, who has been a keynote figure in the Los Angeles real estate industry for more than 30 years. “They will be expanding their employee base by approximately 30% and there is no doubt that this move will strengthen their Los Angeles presence.”

The firm, which is already known for its work on the Wilshire Grand Hotel and the Shanghai Disneyland, is moving from their current location at 617 W. 7th Street. The move is expected in August, 2014.

One of the world’s largest tenant representation firms, CRESA Partners has 58 offices in the United States and Canada, and covers more than 200 locations in 40 countries. The Los Angeles office is home to more than 40 professionals, led by 11 senior principals who average 20 years of industry experience. www.cresa.com