Marathon Bank Inks Estimated $2.5M Lease

WEST LOS ANGELES, CA-Marathon National Bank renewed its soon-to-expire lease at the Olympic Center Building in West Los Angeles, at the same time reducing the square footage it occupies.

Terms of the deal were not disclosed, but the bank is believed to have signed for approximately $2.5M millioin in the six-year deal at 11150 Olympic Blvd., based on prevailing asking rates of $2 to $2.45 psf per month.

Marathon formerly leased about 25,000 sf at the 11-story, 160,000-sf building owned by Douglas Emmett Realty Fund, broker Christina Bellinghausen of the Staubach Co. tells GlobeSt.com.

Bellinghausen, who represented the bank, tells GlobeSt.com that the bank’s former lease, a 10-year deal, was due to expire in August.

“They had been subleasing some of their space, so this frees them from the obligation on the sublease space,” she says. Marathon retained building-top signage as part of the new lease, she adds.