LOS ANGELES, November 10, 2022 – Affirming its ability to help a client successfully mitigate its lease obligation, JLL announced today that Luminate Data has signed a 14,114-square-foot sublease at 5670 Wilshire Boulevard in Los Angeles, California. Luminate Data will use the space as the new office for the growth of its business.
JLL’s Gabe Brown represented the sublessor. Luminate Data was represented by Richard Abbitt and Ryan Shuler of Industry Partners.
“In the current unpredictable economic environment, this deal represents the attractiveness of quality move-in ready office space, which does not require a lengthy build-out or long-term lease commitment,” said Gabe Brown, JLL Executive Vice President. “This particular office is located in a high-vacancy submarket, but offered not only immediate occupancy in a vibey creative space (which was well-crafted by the previous tenant), but also provided a full floor with spectacular views and the opportunity for a tenant to create their own sense of company identity and brand within one of the premier Class-A office buildings in the area.”
Brown went on to say “throughout this challenging office market, we continue to advise our clients with the crucial task of evaluating their existing lease obligations; a top-of-mind objective with company leadership these days. We have the track record and know how to implement effective strategies to help office clients navigate towards the results they need to better their position moving forward.”
5670 Wilshire is an iconic 27-story office tower offering 437,155 square feet of class A modern workspace. The sleek glass building is strategically positioned along Wilshire Boulevard and offers unobstructed views of the Hollywood Hills, Downtown Los Angeles, Pacific Ocean, and the Wilshire corridor.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.