Significant HQ Lease in Monterey Park Signed Despite Suspended Market Environment

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Pasadena, Calif. (August 6, 2020) – Carmichael International Services, a customs broker and freight forwarding company, has signed a 10-year lease for a 28,777 square foot office building and will move their corporate headquarters to 1200 Corporate Center Drive in Monterey Park, California. Omninet, a real estate investing and venture capital, is the landlord. Kidder Mathews commercial real estate brokers, Linda Lee, Bill Boyd, and Scott Unger, represented Omninet in the transaction.

Carmichael’s new headquarters is a Class A office building originally built in 1986. It is part of the Los Angeles Corporate Center project along the 710 and 10 freeways in Monterey Park, ten minutes east of downtown Los Angeles. The project offers a professional office environment with 4/1,000 surface parking free of charge and with quoted rents that are more affordable than those in adjacent office markets.

“The lease is opposite of current market trends. Most leases have been extended on a short-term basis, and many are being downsized,” said Lee, executive vice president with Kidder Mathews.

“This was a unique transaction in our current economic environment. The virus situation has certainly disrupted most aspects of the market, but this tenant was in need of new and efficient space to relocate its corporate headquarters, and LA Corporate Center was able to provide it along with a competitive cost of occupancy,” Lee added.

About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9.6 billion in transactions, manages over 70 million square feet of space, and conducts over 1,680 appraisals annually. For more information, visit kidder.com.

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