Insurance Firm Inks $30M Office Lease

[IMGCAP(1)]TORRANCE, CA-Insurance firm Keenan & Associates has signed a 10-year lease valued at approximately $30 million to remain in 95,000 sf of office space on three floors at 2377 and 2355 Crenshaw Blvd., according to Cushman & Wakefield. According to Ted Simpson and Mark McGranahan of Cushman & Wakefield, who represented Kennan & Associates, the new lease continues a multi-decade relationship between the tenant and landlord Catellus Development Group, a Prologis company. The buildings at 2377 and 2355 Crenshaw Blvd. are in the Park Del Amo Campus.

Keenan & Associates sells and administers a variety of property/casualty insurance and financial services and products to institutional and corporate customers, primarily schools and hospitals. Simpson says that the new lease carries options to expand and contract that “will support Keenan’s business during these challenging market conditions.” He also notes that the landlord, who was represented by Bill Bloodgood of CB Richard Ellis, “worked to accommodate Keenan’s changing needs with several creative solutions.”

Keenan operates from a network of about 10 offices in California. Its products include risk management, workers’ compensation and employee benefits coverage. Its Keenan Healthcare Division provides consulting and brokerage services to healthcare organizations.

[IMGCAP(2)]In other Los Angeles area office leasing, the insurance firm of Brown & Riding has signed a lease for 10,233 sf at Maguire Properties’ 777 Tower at 777 S. Figueroa St. in Downtown Los Angeles. The insurance firm was represented by senior vice presidents Josef Farrar and David Kluth and associate vice president Aliya Coher of UGL Equis Corp. Maguire Properties was represented internally by Josh Wrobel. Terms of the lease were not disclosed; asking rates for class A office space in Downtown L.A. were $3.23 per sf per month in the third quarter, according to a recent report by Grubb & Ellis.