Staubach Negotiates Major Lease for Herbalife's Office Expansion in Gateway West Towers in Torrance, California
Company Secures Space on Four Stories Vacated by Nissan Lease Termination
TORRANCE, Calif.--(BUSINESS WIRE)--
The Staubach Company Los Angeles has successfully arranged a nine-year lease for Herbalife Ltd. (NYSE: HLF) for 86,156 square feet of office space in Gateway West Towers at 990 W. 190th St. in Torrance, California, adjacent to two existing buildings where Herbalife leases over 220,000 square feet.
Gateway West Towers is in the process of being vacated by Nissan, whose lease termination will make available a portion of the sixth floor and the entire seventh, eighth and ninth floors. Herbalife has the option to expand into the remainder of the sixth floor when Nissan's existing lease expires, as well as the right of first offer for expansion into portions of the fourth and fifth floors.
Mike McRoskey, Frank Scott, Alan Aufhammer, and Tony Morales of The Staubach Company in Los Angeles, who provide analysis and advice for the Herbalife's real estate strategies, have negotiated the lease, securing exclusive building top and monument signage rights for Herbalife.
"As Herbalife further develops its global brand, the company's space requirements have grown. Securing this new space is a vital move for the company in an increasingly tight office market," said Mr. McRoskey. "Office vacancy rates in the South Bay have fallen to 14% from about 20% in the last year and, as a reflection of growing demand, rents have increased by approximately 15%," he added.
In November 2006, Herbalife announced it will relocate its corporate headquarters from Century City to the L.A. Live sports and entertainment district now under construction in downtown Los Angeles.
About Staubach Los Angeles
Staubach Los Angeles is the region's leading provider of advisory and transactional services exclusively to users of commercial real estate, including office, industrial, retail and institutional buildings. Staubach LA is comprised of top-tier professionals with diverse commercial real estate and business expertise. Staubach LA combines deep local market knowledge with the capability to conduct multi-market transactions for firms with national and regional interests. Staubach LA partners with its clients far beyond the deal-making phase, adding value at every stage of the occupancy cycle.
About The Staubach Company
The Staubach Company (www.staubach.com) is the market leading global real estate advisory firm that delivers cost-effective solutions for the users of office, industrial and retail space. It has extensive experience in strategic consulting, site selection, acquisition, disposition, construction consulting / project management, real estate administration, portfolio management, financing and capital solutions. 1,277 people in 60 offices throughout the Americas represent Staubach's 2,400 clients. Staubach completed 5,600 transactions totaling $21 billion and 290 million square feet during the fiscal year ending June 2005. Worldwide, the DTZ Staubach Tie Leung partnership has more than 10,000 professionals delivering services and solutions to multinational clients.
About Herbalife
Herbalife (http://www.herbalife.com) is a global network marketing company that sells weight-management, nutritional supplements and personal care products intended to support a healthy lifestyle. Herbalife products are sold in 63 countries through a network of more than 1.5 million independent distributors. The company supports the Herbalife Family Foundation (http://www.herbalifefamily.org) and its Casa Herbalife program to bring good nutrition to children. Please visit Investor Relations (http://ir.herbalife.com) for additional financial information.
Source: Herbalife Ltd.
Released Jan 31, 2007 • 2:00pm EST