The company has agreed to a lease for a period of 11 years. The management of the organization may use business card printing in Woodland Hills for networking purposes. The value of the lease has been estimated at $4 million by Nathan Pellow, an executive at Colliers International who was involved in the deal on behalf of Miyamoto International. Mr. Pellow has told the Los Angeles Business Journal:
“They are earthquake engineers and are comfortable moving into the 51st floor of a high rise, which makes me feel more comfortable about coming to the 35th floor of my building every day.”
The firm has opted to occupy several thousand square feet of office space. The building, which is located on Wilshire Boulevard, has been graded as Class A. It has been reported that the skyscraper has an occupancy rate of approximately 70 per cent.
Shorenstein Properties, an investment business that is the landlord for the building, has been particularly keen to get more tenants according to Mr. Pellow. The situation with regard to vacancies might have encouraged Shorenstein Properties to offer relatively generous terms to its new tenant. The engineering business found the central and convenient location of the space to be a compelling attraction according to one of its principals, Richard Chen.