588 Atlas presents an investor or owner/user the unique opportunity to acquire a recently renovated 2-story high image corporate headquarters facility located in an established business park setting with notable neighbors including Union Bank, Department of Homeland Security, Care1st Health Plan, and Los Angeles County Sheriff’s Department. The property recently underwent a million dollar renovation which included a modern high image expanded atrium lobby, parking lot upgrades, exterior painting, and new landscaping throughout. The ±86,319 square foot property is comprised of two separate buildings joined by an impressive interconnected glass and steel atrium lobby. Windows wrap around the entire building with floor to ceiling glass along the front of the building offering the ability to provide tenants abundant natural light. With virtually column free space on the second floor, the two pods divide down easily to accommodate users ranging in size from 18,134 up to 86,319 square feet. The high image lobby, abundant natural light and large efficient floorplates readily meet the needs of discerning office users seeking a balance between corporate image and cost effectiveness. The ±4.99-acre site offers 4.25 free surface parking spaces per usable square foot of building area. The project is located in one of the most stable office markets in the Greater Los Angeles area. The 12.9 million square foot San Gabriel Valley office market is comprised of 175 office buildings of over 30,000 square feet and includes the submarkets of: 210 Freeway Corridor, City of Industry, Alhambra, Covina, Diamond Bar, El Monte, Monterey Park, South El Monte, West Covina and Pomona. Leasing activity continues to improve and the overall market vacancy has dropped from 14.1% in Q4 2015 to 12.4% in Q4 2016, a 12.1% reduction year-over-year in overall vacancy. Furthermore, within the Western San Gabriel Valley there are 70 class A or B buildings that offer 4:1,000 parking or better which total 2.76 million square feet. This provides for an extremely low vacancy rate of 5.4%. Given recent leasing activity including the County of Los Angeles taking an additional 150,000 square feet at The Alhambra and 200,000 square feet being eliminated from the market base due to the conversion of 1977 Saturn, Monterey Park to an alternative use, the reduction in market inventory will continue to put upward pressure on average competitive rents of $2.06 FSG today, back towards average peak rents of $2.42 FSG in 2008. The San Gabriel Valley is an established office market with an impressive array of notable corporate users, both public and private, including State Compensation Fund, Southern California Edison, Panda Express Industries, Zacky Farms, Care 1st Health Plan, AT&T, Travelers, Lockheed, QTC, Johnson & Johnson, Alpha Therapeutic, Smart & Final, Wells Fargo, Bank of the West, Union Bank, California School of Psychology, Los Angeles County and State of California, all maintaining a significant presence in the market. Organic growth within these groups, along with the migration of similar tenants out of higher rent markets into the San Gabriel Valley will further exert upward pressure on rents as vacancies drop. The project benefits from immediate access to the 60 (Pomona) Freeway, and is only 6 miles from Downtown Los Angeles. It is within close proximity to a variety of desirable amenities including the 758,000 square foot Shops at Montebello, 252,000 square foot Montebello Town Square Monterey Park, and 284,000 square foot Montebello Plaza. Additionally, the future Monterey Park Market Place retail development (currently under construction) will bring a 500,000 square foot power center anchored by Home Depot and various other national tenants within walking distance of the property. Drawing from the Greater LA area, 588 Atlas is ideally situated amongst a deep and highly educated labor force evidence by a population of 696,000 people with an average household income of $65,702 within a five-mile radius. Further, the area offers abundant options for both executive and employee housing, all of which will continue to sustain the value of this asset over the long term given its highly desirable location.
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