Rent.com signs a lease of its own
Perhaps not surprisingly, Rent.com turns out to be a ... renter.
The EBay-owned company that helps prospective renters nationwide find apartments and houses through its website recently agreed to extended its lease at the Water Garden office complex in Santa Monica for three years.
The company’s lease for 28,000 square feet was set to expire in 2011, according to real estate broker David Toomey of CresaPartners, who represented the tenant in the transaction with landlord JP Morgan.
Office rents in Santa Monica averaged $3.51 per square foot per month in Santa Monica in the second quarter, down from $4.15 a year ago, according to brokerage Cushman & Wakefield. The value of the lease was not disclosed, but industry experts estimate its value at about $4 million based on current trends.
-- Roger Vincent