Several weeks ago, we signed a new lease with VS Media, a computer conferencing and website management company. VS Media will take about 9,900 sq. ft. on the second floor on July 1, 2014. They are an extremely well-capitalized company and will make an excellent addition to the project. Their plans are currently in the County of Los Angeles for plan check review, and we expect to begin construction shortly. VS Media is paying $2.15 per sq. ft. on their five year lease, with 3% annual increases and four months of free rent. We welcome them to LC3!
With our current level of leasing, it is now prudent to finish the renovation of the building. This work will begin in the next week or so: renovating the bathrooms to upgrade them to ADA standards, polishing the concrete on the walkways, finishing the railings, painting the courtyards, finishing the landscaping including new secured bike enclosure. We expect the work will be finished by the end of April 2014.
