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Avison Young subleases 79,687 s.f. on behalf of Career Education Corporation5 Dec 2017
Avison Young saves client millions
Avison Young’s Ted Simpson and Blake Olson, tenant representation specialists in the firm’s Downtown Los Angeles office, have completed 79,687 square feet of subleasing activity on behalf of their client, Career Education Corporation (CEC). These subleases, which include three separate buildings in Pasadena have saved CEC nearly $10 million.
CEC owns and operates culinary school, LeCordon Bleu, and recently determined it would close down its US operations. It holds four Pasadena locations encompassing its largest US campus that total 100,000 square feet. The Avison Young team was selected to sublease its Pasadena campus. The team has already leased the full buildings at 521 and 561 Green Street and 525 E. Colorado.
“This was a unique assignment for our team due to the culinary kitchen use of the entire campus” said Blake Olson. “The space was only going to appeal to very specific users, and we are thrilled at the outcome being able to secure two new subtenants for a majority of the project. This is a positive ending for CEC as well as a fresh start in quality space for the new tenants.”
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