Tesla has renewed its lease on its Santa Monica location, maintaining its presence in California even after relocating its headquarters. The industrial market remains strong in West and South Los Angeles, with little new supply and favorable leasing terms being negotiated. Concurrently, the federal government has placed the historic Spring Street Courthouse on the market for sale, reflecting a shift in priorities and properties.
The industrial market in West and South Los Angeles continues to exhibit solid fundamentals, Collins said. Little new supply and demand imbalance enabled favorable lease negotiations.
Notably, the federal government is looking to dispose of the landmark Spring Street Courthouse, which has a rich history and significant current governmental tenants.
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