Once again, a lot of the expirations are in Los Angeles. A big one to watch: DirecTV\u2019s 500,000-plus square feet in El Segundo, most of which expires late next year. Per the REIT\u2019s latest 10-K, it rakes in more than $16 million a year via DirecTV.\u00a0<\/p>\n
\u201cObviously, we need to work through DirecTV at Kilroy Airport Center,\u201d CEO Angela Aman said on Tuesday\u2019s earnings call. \u201cWe\u2019re exploring a wide range of options for that campus and that location.\u201d\u00a0<\/p>\n
She mentioned the possibility of filling the two tower office campus, where DirecTV is the primary tenant \u2014 or selling it. It\u2019s a chunk of space with some history. Kilroy and AT&T, DirecTV\u2019s then-parent company, were in a legal battle because the tenant wanted out. Days before a trial, Kilroy settled<\/a>.<\/p>\n The rest of the 2027 expirations are almost all less than 50,000 square feet.\u00a0<\/p>\n \u201cWe feel actually pretty good about renewal possibilities given the granularity and how diversified the rest of the pool really is,\u201d Aman said. That\u2019s very different from when she spoke about the 2026 expirations and said she mostly anticipated \u201cmove-outs.\u201d<\/p>\n The REIT\u2019s second quarter earnings call, apart from the leasing talk, wasn\u2019t too eventful. There were no buys or sales to report. Revenues, profits and funds from operations were all down compared to a year earlier, but not enough to shake shareholders, judging by its relatively steady share price.<\/p>\n SoCal deals<\/p>\n Los Angeles saw a pricey trade<\/a> in WeHo and a landmark tower downtown falling into receivership<\/a>. In Orange County, there was a loss<\/a> on an office tower. Here\u2019s what you need to know.\u00a0<\/p>\n A retail spot on Melrose, occupied by luxe French fashion house Jacquemus, sold for $29 million \u2014 or $7,250 per square foot. The sellers are Faring Capital, Capital Insight and Parallel Acquisitions; the buyer is Acadia Realty Trust.<\/p>\n There\u2019s a reason the deal was so pricey. Jacquemus\u2019 lease isn\u2019t up until 2030, and its rent is about $1.7 million and increases each year. That\u2019s more than the typical WeHo rent because the prior landlord and Jacquemus had an agreement that kept the landlord from developing another piece of real estate on the lot, per a person familiar.\u00a0<\/p>\n The Fallas family, of the bankrupt discount retailer of the same name, ceded control of the Metropolitan downtown after a $32 million default. The special servicer and the family are still in talks post-receivership, per a person familiar, and there are offers on the table to purchase the apartments and vacant ground floor retail once occupied by a Fallas Paredes store.\u00a0<\/p>\n Lincoln sold an Orange County office tower for about $63 million, which is much less than its pre-pandemic $92.5 million purchase price. The latest deal for Orange Center Tower came out to around $220 per square foot, compared to the almost $330 per square foot Lincoln Property Company purchased it for in late 2017.<\/p>\n \tRead more \t\t\t\t\t\t\t\t\t\t\t\t\t Melrose retail home to Jacquemus sells for $7K-plus psf<\/p>\n
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