Palace Square, a $200-million international resource design center planned for the downtown Los Angeles area now occupied by the May Co. and the Eastern Columbia buildings, announced it has signed leases with three key New York-based wholesale interior furnishings firms.
Total lease value of all commitments to date is in excess of $100 million, and transactions currently in negotiation, out for signature and reservations for space, would account for 750,000 square feet of the 1.2-million-square-foot project, according to Richard Sheldon, of Palace Development Group, joint venture partner with Double RB Associates.
The signed leases are from Decorators Walk, in excess of 20,000 square feet; Brunschwig & Fils, 7,300 square feet, and Scalamandre Silks, 5,000 square feet. They are among 71 design-related companies planning and negotiating to occupy showrooms in the development upon its expected completion next summer.
February Ground Breaking
Forty-six other potential tenants are in negotiation or proposals for another 325,000 square feet, Sheldon added.
Ground breaking for the renovation/conversion project is scheduled for Valentine's Day, Feb. 14, 1986. Construction of Palace Square involves renovation of the two landmark structures to create a resource center catering to the residential and contract design industry, Sheldon said from his offices at 830 S. Hill St.